The Trump Organization has filed suit against Capitol One for closing hundreds of the company's accounts in 2021.
President Donald Trump's son, Eric Trump, executive vice president of the Trump Organization, on Friday posted a statement about the case on Instagram:
"Today, the Trump Organization filed a lawsuit in Miami-Dade County against @CapitalOne to hold the bank accountable for their egregious conduct in unjustifiably terminating over 300 of the company's bank accounts, without cause, in 2021.
"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. 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.
"By filing this lawsuit, we seek to hold Capital One accountable for the millions of dollars in damages they caused, not just to our company, but to the many dozens of properties, hundreds of tenants and thousands of Trump Organization employees who relied on these accounts for their livelihoods," the statement continued.
"Businesses should not be targeted or punished for their political affiliations. The actions taken by Capital One and other major financial institutions represents a dangerous precedent that could threaten the operations of countless businesses across the nation, particularly those with a strong and independent voice.
"This lawsuit, and those that follow, are necessary steps to protect the integrity of American business practices and to ensure that no company or individual is unfairly targeted for their beliefs, affiliations, or business activities. We will not stand by while big banks misuse their power to stifle businesses and harm innocent Americans," the statement concluded.
The closings were initiated by Capitol One after the Jan. 6, 2021, riot at the U.S. Capitol.
CNBC reported a spokesperson for the bank wrote in an email to the outlet, "Capital One has not and does not close customer accounts for political reasons."
Attorney Alejandro Brito, who is representing the Trump Organization in the lawsuit, told CNBC that the company "is contemplating other suits against financial organizations that engaged in similar conduct."
The civil case is now pending before Florida's Eleventh Judicial Circuit Court, located in Miami-Dade County, and may be assigned to the court's Complex Business Litigation Division.
Jim Mishler ✉
Jim Mishler, a seasoned reporter, anchor and news director, has decades of experience covering crime, politics and environmental issues.
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