Trump Organization, Eric Trump sue Capital One for ‘unjustifiable’ 2021 debanking based on ‘woke’ beliefs

The Trump Organization is suing Capital One after the bank “unjustifiably” terminated more than 300 of the company’s bank accounts and accounts belonging to numerous Trump family members in 2021. 

Eric Trump told Fox News Digital he will hold major corporations accountable for the “egregious nature of canceling based on political bias.” 

The Trump Organization filed the lawsuit against Capital One in the Circuit Court of the Eleventh Judicial Circuit for Miami-Dade County, Florida, Friday. The plaintiffs in the case are Eric Trump, the Donald J. Trump Revocable Trust, DJT Holdings, DJT Holdings Managing Member and DTTM Operations. 

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On March 8, 2021, Capital One notified Trump and the plaintiffs that hundreds of bank accounts that they controlled, were beneficiaries of and actively used would be closed June 7, 2021. According to the lawsuit, Capital One did not provide Trump and the plaintiffs any “recourse, remedy, or alternative — its decision was final.” 

The accounts affiliated with the Trump Organization held millions of dollars belonging to them and their affiliated entities. 

Trump told Fox News Digital Friday that 300 business accounts were terminated, as well as various accounts belonging to numerous Trump family members. 

The Trump Organization, according to the lawsuit, has “deposited, transacted, and leveraged hundreds of millions of dollars with Capital One to grow and scale these businesses.” The lawsuit states that “Capital One has profited from Plaintiffs’ substantial deposits, impeccable creditworthiness, and the prestige associated with having a business relationship with President Trump.”

According to the lawsuit, Capital One did not provide Trump and the plaintiffs any advance notice and “unilaterally terminated” the accounts. 

“Plaintiffs suffered considerable financial harm and losses caused not only by the interruption to their access to Capitol One’s banking services, but also by the devastating impact on Plaintiff’s ability to transact and access their monies,” the lawsuit states. “Plaintiffs have reason to believe that Capital One’s unilateral decision came about as a result of political and social motivations and Capital One’s unsubstantiated, ‘woke’ beliefs that it needed to distance itself from President Trump and his conservative political views.

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“In essence, Capital One ‘de-banked’ plaintiff’s accounts because Capital One believed that the political tide at the moment favored doing so,” the lawsuit continued. “In addition to the considerable financial harm that Plaintiffs and their affiliated entities suffered, Capital One’s reckless decision is part of a growing trend by financial institutions in the United States of America to cut off a consumer’s access to banking services if their political views contradict with those of the financial institution.” 

The lawsuit added that “Capital One’s conduct is but one example of a systemic, subversive industry practice that aims to coerce the public to shift and re-align” political views. 

“Plaintiffs file this action to redress the harm they and their affiliated entities have suffered and shed light on a matter of great public interest and importance,” it states. 

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Eric Trump spoke exclusively to Fox News Digital Friday after filing the lawsuit to describe the “damage caused by the bank,” and the “weaponization seen in corporate America and by big banks that are otherwise monopolistic.” 

“Capital One is supposed to represent Americans fairly,” Trump told Fox News Digital. “Canceling golf courses, canceling residential buildings, retail outfits that impact the livelihoods of tens of thousands of employees is egregious and damaging and wrong in the United States of America — especially after having a flawless relationship for more than a decade.” 

Trump told Fox News Digital the American people are “tired of the weaponization in corporate America.” 

“I can’t tell you how hard it is to change more than 300 bank accounts — and for no reason whatsoever,” Trump said. “These were hotels and golf courses, residential buildings and commercial buildings, retail outlets and skating rinks and parking garages. There was no political affiliation. These were not political entities.

“The only common denominator was that they wore the Trump name.

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“America is sick and tired of political lawfare,” Trump added. “As a person and as a company, I won’t stand for major corporations that seek to inflict incredible harm and damage on people who might have opposing views.

“I will hold them and others accountable. This is just the beginning.” 

Sources have indicated that Chase, Bank of America and TD Bank also debanked Trump at the time and could face similar legal action in the days and weeks to come.

A Capital One spokesperson told Fox News Digital that: “Capital One has not and does not close customer accounts for political reasons.”