Capital One is now publicly saying why it cut ties with the Trump Organization—and it's not politics, the bank insists. In a new court filing, Capital One says it shut down hundreds of Trump-related accounts in 2021 after months of internal review over "transaction patterns" that raised anti–money laundering concerns, CNN reports. The bank, which did not accuse the Trump Organization of specific crimes, says a specialized team with long law-enforcement experience handled the analysis and gave the company months to move its money elsewhere.
The Trump Organization sued in federal court in Florida last year, arguing it was "debanked" for "woke" political reasons and suffered major financial fallout. A spokesperson called Capital One's explanation "completely baseless" and claimed the bank "manufactured" a justification after the Jan. 6 Capitol attack to cover a "plainly" politically driven decision. Capital One is asking the judge to dismiss the case, calling the claims vague and unsupported. In Friday's filing, the bank said the allegations of political bias are "misguided" and based on "cherry-picked quotations unsupported by the full context" of documents the bank submitted to the court, reports Reuters.
"The transaction patterns identified by Capital One are among the types of activity flagged by federal banking guidance," the bank wrote. Reuters notes that the court has already rejected two complaints in the case, but has allowed amended complaints to be filed each time. Capitol One said the latest complaint, which was filed last month, "suffers from the same fundamental flaws as their prior two pleadings." A similar lawsuit against JPMorganChase is pending.
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