Trump Organization has filed a suit against US Banking giant Capital One accusing it of terminating unjustly more than 300 bank accounts of its firm.
In 2021, the lawsuit claims that the closings of the Trump-related businesses were motivated by political prejudice.
Plaintiffs believe Capital One made its unilateral decision because of unsubstantiated “woke” opinions that the company needed to distance themselves from Trump’s conservative views. Capital One “debanked’ Plaintiffs’ Accounts based on Capital One’s belief that political trends at the time favored this.
Capital One’s conduct is but one example of an industry practice that aims to coerce the public to shift and re-align their political beliefs. Capital One is only one example of an industry-wide, subversive practice that seeks to force the public into readjusting their political beliefs .”
Trump has publicly criticized both JPMorgan Chase and Bank of America.
In January at a World Economic Forum, Trump publicly criticised Bank of America CEO Brian Moynihan as well as JPMorgan Chase’s CEO Jamie Dimon.
He said they denied services to conservatives and urged them to “open up your banks” for those who had allegedly unfairly been kicked out from the banking system.
Trump’s comments touch on a wider debate about alleged discrimination within the financial industry.
After meeting Republican legislators, JPMorgan Chase CEO Jamie Dimon stated that US banks “push people from the system” sometimes due to vague federal rules against money laundering.
Dimon denied any political or religious bias within Chase. Instead, he blamed regulatory pressures for account closures based on compliance.
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As new information becomes available, this post Trump Sues Capital one After Slamming Bank of America and JPMorgan Chase over Abrupt Bank Account Terminations might be updated.
