'Clear attack': Trump Org sues major bank for closing its accounts after January 6 riot

07 March

President Donald Trump's real estate company is now alleging that one of the biggest banks in the United States closed its accounts for political retribution after the deadly January 6, 2021 attack on the U.S. Capitol, according to a new lawsuit.

NBC News reported Friday night that the Trump Organization is suing Capital One bank in the Eleventh Judicial Circuit Court in Miami-Dade County, Florida for punitive and other monetary damages, along with a declarative judgment from the court that more than 300 of the company's accounts were closed improperly. The lawsuit alleges that the Trump Organization's accounts being closed had a "devastating impact" on its ability to conduct business.

Eric Trump, who runs the family's business along with his elder brother, Donald Jr., said the accounts had "millions of dollars" in them. Other plaintiffs in the suit include the Donald J. Trump Revocable Trust, DJT Holdings, DJT Holdings Managing Member and DTTM Operations.

"[The Trump Organization has] 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," the lawsuit read. "In essence, Capital One ‘de-banked’ Plaintiffs’ Accounts because Capital One believed that the political tide at the moment favored doing so."

The bank didn't state why it closed the accounts in question several months after the Capitol siege, but told CNBC: "Capital One has not and does not close customer accounts for political reasons."

Attorney Alejandro Brito, who is representing the plaintiffs in the lawsuit, said that in addition to Capital One, there may be future lawsuits "against financial organizations that engaged in similar conduct." He added that he viewed the account closures as "an attack on free speech."

“The decision by Capital One to ‘debank’ our company, after well over a decade, was a clear attack on free speech and free enterprise that flies in the face of the bedrock principles and freedoms that define our country," Eric Trump said in a statement. "Moreover, the arbitrary closure of these accounts, without justifiable cause, reflects a broader effort to silence and undermine the success of the Trump Organization and those who dare to express their political views."

Click here to read NBC's full report.

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