Capital One Seeks Dismissal of Trump Organization Lawsuit, Citing Anti-Money Laundering Review

Capital One has asked a federal judge to dismiss a lawsuit filed by President Donald Trump's trust over the closure of hundreds of Trump Organization-affiliated bank accounts, arguing that the decision was based on anti-money laundering compliance rather than political considerations.

In a court filing submitted Friday in the U.S. District Court for the Southern District of Florida, attorneys representing the bank said the accounts were closed only after an extensive internal review conducted by Capital One's anti-money laundering specialists.

According to the filing, the decision followed months of analysis and was carried out in accordance with the bank's internal policies and applicable regulatory requirements.

The bank also stated that it did not publicly disclose the account closures or the confidential compliance process behind the decision. It further noted that the Trump Organization was given several months, along with multiple deadline extensions, to transfer its banking relationships elsewhere before the accounts were closed.

Trump Organization Alleges Political Motivation

The lawsuit, led by Donald Trump Jr. and Eric Trump on behalf of the Trump Organization, alleges that Capital One closed more than 300 accounts in 2021 because of political bias rather than legitimate business concerns.

The filing is part of a broader legal dispute in which President Trump and several allies have accused major financial institutions of discriminating against conservative individuals and organizations through what they describe as "debanking."

Earlier this year, President Trump also filed a separate lawsuit against JPMorgan Chase, seeking at least $5 billion in damages over the closure of his accounts.

Bank Says Complaint Still Lacks Merit

Capital One argues that the amended lawsuit suffers from the same legal deficiencies previously identified by the court.

In March, U.S. District Judge Roy Altman dismissed the original complaint but allowed the plaintiffs a limited period of discovery before filing an amended version.

Now, after that discovery process, Capital One contends that the revised complaint still fails to establish valid legal claims and should likewise be dismissed.

The bank also maintains that plaintiffs have been unable to meaningfully challenge the thorough compliance review conducted by its anti-money laundering team before the account closures.

Compliance Review at Center of Dispute

The filing acknowledges that, roughly two months before the Trump-linked accounts were closed, Capital One reached a settlement with the Treasury Department's Financial Crimes Enforcement Network (FinCEN), agreeing to pay a $390,000 civil penalty related to deficiencies in its anti-money laundering compliance program.

However, the bank argues that the subsequent review of the Trump Organization accounts was conducted lawfully by experienced compliance professionals and followed established regulatory standards.

Capital One further contends that the plaintiffs' allegations of political discrimination are based on speculation rather than evidence, asserting that the decision to close the accounts was driven solely by compliance considerations permitted under the parties' banking agreements.

The court has not yet ruled on Capital One's latest motion to dismiss the case.