Our most recent book is The Comeback: The 2024 Elections and American Politics. The first year of the second Trump administration has been full of ominous developments. Scandals persist. Trump is abusing his power to enlarge his political empire.
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.
In a motion to dismiss the case filed Friday in a Florida federal court, Capital One's lawyers wrote that the bank's own filings and the Trump businesses' allegations "make clear that Capital One closed Plaintiffs' accounts for anti-money laundering ('AML') reasons."
The bank said the decision followed "months of analysis and a careful review" by its financial-crimes team, which it said was staffed by employees with "decades of law enforcement experience." But the filings suggest the Trump Organization and affiliated entities were given no opportunity to address any money-laundering or compliance concerns before the accounts' closures.
It's unclear if subsequent banks for the Trump Organization have ever raised money laundering concerns, or what steps the organization took in response to Capital One's allegations. The Trump Organization didn't immediately respond to a request for comment.
The fight is one of several lawsuits Trump-aligned entities have brought against major banks since Trump returned to the White House.
