Capital One Financial is defending its decision to close more than 300 bank accounts affiliated with the Trump Organization. The bank stated on Friday that the closures occurred after a review by anti-money laundering experts.
The action has resulted in a lawsuit from the Trump Organization, with lawyers alleging the accounts were closed for political reasons. Capital One is seeking to dismiss the case by casting doubt on claims of illegal debanking, which involves denying services based on political or religious grounds.
This disclosure marks the first time a bank has formally tied money-laundering concerns to Donald Trump's family business. Capital One first notified the Trump Organization of its intention to close the affiliated accounts in March 2021.