Capital One asks a Florida judge to dismiss President Trump's trust lawsuit over closed accounts
In a federal court in Miami, Capital One is asking a judge to dismiss a lawsuit brought by President Donald Trump's trust and affiliated business entities, according to a new court motion filed this past Friday.
The lawsuit, originally filed in March 2025, alleges Capital One improperly closed more than 300 accounts held by Trump-affiliated entities because of political bias in the aftermath of the Jan. 6, 2021, attack on the U.S. Capitol.
In its latest filing, obtained by CBS News, Capital One argues the complaint should be dismissed with prejudice, saying the plaintiffs have failed to state a legally viable claim. The filing also offers new insight into the bank's explanation for the account closures.
According to the motion, Capital One says the accounts were identified for closure following reviews conducted by its anti-money-laundering department. Just months before, the bank was fined $390,000,000 by the Financial Crimes Enforcement Network for failing to implement and enforce an effective anti-money laundering program.
The bank also argues that federal law, including provisions of the Bank Secrecy Act, limits what financial institutions can disclose publicly about certain internal compliance processes.
The allegations made by both sides remain disputed, and the court has not ruled on the merits of the case.
The lawsuit is one of multiple legal actions President Trump and affiliated entities have filed against major financial institutions accusing them of what has been called "debanking." They claim the practice differs from banks operating within their contractual rights to terminate business with accounts they deem reputational risks and is solely based on perceived bias.
Trump and affiliated entities have also filed a separate $5 billion lawsuit against JPMorgan Chase, alleging the bank engaged in similar conduct. JPMorgan has denied wrongdoing and has sought to move that case to federal court in New York, arguing the relevant business activity occurred there rather than in South Florida.
The issue of so-called "debanking" has become increasingly political in recent years, with many conservatives arguing financial institutions have discriminated against customers because of their political or religious views. Banks, meanwhile, have maintained that account decisions are governed by contractual rights, regulatory obligations and internal risk assessments.
CBS News has requested additional court filings and exhibits to better understand the factual basis for Capital One's anti-money-laundering assertions.
CBS News has also reached out to Capital One and representatives for the Trump Organization for additional comment.
The case remains pending in the U.S. District Court for the Southern District of Florida.