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Capital One says it closed Trump Organization accounts over money-laundering concerns (www.npr.org)
submitted 3 months ago by to c/usnews@beehaw.org
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Capital One bank has asked a federal judge to dismiss a lawsuit from the Trump Organization over the closure of hundreds of bank accounts back in 2021, arguing in new papers that the shutdowns were the product of a monthslong anti-money-laundering review — not retaliation for the Jan. 6 Capitol riot, as the Trump family businesses have claimed.

The case centers on roughly 385 accounts tied to the Trump Organization, Eric Trump and a collection of affiliated businesses — including a winery, a bottled-water company and a golf course developer — that banked with Capital One for more than a decade before the accounts were shut down in mid-2021.

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Capital One says it closed Trump Organization accounts over money-laundering concerns (www.npr.org)
submitted 3 months ago by to c/politics@sh.itjust.works
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The case centers on roughly 385 accounts tied to the Trump Organization, Eric Trump and a collection of affiliated businesses — including a winery, a bottled-water company and a golf course developer — that banked with Capital One for more than a decade before the accounts were shut down in mid-2021.

In an amended complaint filed earlier in July, the Trump-affiliated companies insisted the closures had nothing to do with financial crime or money-laundering, but everything to do with politics.

The Trump Organization alleges Capital One moved to distance itself from Donald Trump after the Capitol riot and that the bank's cited anti-money-laundering rationale was invented after the fact to cover for that decision.

Capital One has flatly denied those assertions, with its lawyers arguing in the new filing that the Trump's theory rests on "cherry-picked quotations unsupported by the full context" of the bank's own records, and that nothing in the complaint shows the anti-money-laundering explanation was a cover story.