Capital One Financial hit back Friday against a lawsuit challenging its decision to close the Trump Organization’s bank accounts years ago, saying the closures followed a review by the bank’s anti-money laundering team.
The court filing marks the first time a bank has formally connected money laundering concerns to President Donald Trump’s family business. Capital One is asking a federal court to dismiss the case, arguing the Trump Organization cannot support its claim that the bank illegally debanked the company by cutting off services for religious or political reasons.
The Trump Organization and Capital One did not immediately respond to requests for comment.
Capital One has not accused the Trump Organization of illegal money laundering. But Friday’s filing states that “documents and Plaintiffs’ own allegations make clear that Capital One closed Plaintiffs’ accounts for anti-money laundering (“AML”) reasons.” The bank said the closures came after “months of analysis and a careful review by Capital One’s AML team in accordance with bank policies and regulatory guidance.”
Capital One notified the Trump Organization in March 2021 that it planned to close more than 300 Trump-affiliated bank accounts. Four years later, in March 2025, the Trump Organization and Eric Trump, the president’s son, sued the bank in federal court in Florida. Their complaint alleged Capital One closed the accounts because of the bank’s “woke” beliefs and a desire to capitalize on the political climate following the January 6, 2021 riot at the U.S. Capitol.

Capital One calls allegations ‘misguided’
The Miami federal court has already dismissed two versions of the complaint, allowing the plaintiffs to file amended versions each time. Capital One said the latest complaint, filed in July, “suffers from the same fundamental flaws as their prior two pleadings.”
In Friday’s filing, Capital One called the Trump Organization’s claims of political motive “misguided” and said they rest on “cherry-picked quotations unsupported by the full context” of the documents submitted to the court.
“The transaction patterns identified by Capital One are among the types of activity flagged by federal banking guidance,” the filing said.
The case unfolds against a backdrop of mounting pressure on major banks since Trump began his second term. His administration has amplified conservative complaints that financial institutions deliberately target customers based on political affiliation.
Trump signed an executive order in August 2025 that bars discriminatory debanking practices. In January, he filed a separate suit against JPMorgan Chase over similar allegations, adding to the uncertain regulatory environment banks are navigating under his administration.
The dispute with Capital One has roots in Trump’s first term. In 2019, he sued both Capital One and Deutsche Bank in an attempt to block them from turning over his financial records to Congress, which Democratic lawmakers were probing at the time. Anti-money laundering staff at Deutsche Bank had reportedly flagged a set of transactions connected to Trump, though bank executives allegedly did not act on the warnings. Deutsche Bank disputed that account when the report surfaced.
The current lawsuit centers on whether Capital One’s 2021 decision was a legitimate compliance action or a political one. Banks are required under federal law to monitor accounts for suspicious activity and file reports when transactions raise red flags, regardless of the account holder’s identity or political standing. Capital One’s filing leans on that framework, arguing its AML team followed standard procedure rather than singling out the Trump Organization for its political ties.
The Trump Organization’s suit, by contrast, points to the timing of the closures, which came roughly two months after the Capitol riot, as evidence the bank acted out of political calculation rather than compliance concerns. The company has argued that Capital One’s public statements and internal communications from that period show an intent to distance itself from Trump amid public backlash following January 6.
Capital One’s response Friday pushes back directly on that narrative, saying the documents the plaintiffs cite do not support the conclusion they draw from them. The bank maintains that its review process took months and followed established regulatory guidance rather than reacting to a single news cycle or public pressure campaign.
The outcome could carry weight beyond this single case. Trump’s fight with JPMorgan Chase raises similar questions about where banks draw the line between legitimate compliance decisions and alleged political targeting. Both cases arrive as Trump’s administration pushes banks to explain past account closures involving conservative figures and organizations, part of a broader effort that predates his return to office but has gained new momentum since January.
Wall Street executives have said privately that the debanking fights complicate an already difficult compliance landscape, where banks face regulatory penalties for failing to flag suspicious transactions but now also face lawsuits and political scrutiny when they do act on those obligations.
For now, the Miami federal court will decide whether the Trump Organization’s amended complaint clears the bar Capital One says it has twice failed to meet. If the court dismisses the case again, the plaintiffs would need to file yet another amended version or drop the suit. Capital One’s filing asks the court to end the matter at this stage, arguing no further amendments would fix what it calls fundamental flaws in the plaintiffs’ legal theory.
Neither the Trump Organization nor Capital One has indicated whether they expect the dispute to reach trial or settle before then. Court records show no hearing date has been set for the motion to dismiss.













