In a legal battle that has captured attention, a company owned by President Donald Trump, the Donald J. Trump Revocable Trust, and Eric Trump have filed a lawsuit against Capital One. The lawsuit alleges that Capital One unjustly closed over 300 accounts belonging to the Trump Organization without valid cause in 2021, shortly after the U.S. Capitol was stormed on January 6. The Trump Organization contends that the account closures were a targeted assault on free speech and free enterprise, as well as a response to Trump’s political stances.

Capital One refuted these allegations by stating that the bank does not close customer accounts based on political motivations. The Trump Organization claims to have suffered significant financial losses when Capital One informed them in March 2021 that accounts holding millions of dollars would be terminated within three months. The lawsuit asserts that Capital One’s actions breached the law and seeks damages as a result.

The account closures by Capital One occurred in the aftermath of the January 6 attack, where a mob of Trump supporters besieged the Capitol to disrupt the certification of President Joe Biden’s election victory. Notably, other financial institutions also ceased their dealings with the Trump Organization during this period, coinciding with ongoing civil and criminal inquiries involving the business and Trump family members.