Capital One Bank is speaking out after closing hundreds of bank accounts tied to the Trump Organization, according to a report by FOX 26. The bank set out its account of events as it faces legal action over the closures.
In a new court filing, the bank revealed that it shut down about 300 accounts, according to the report. The closures began back in 2021.
The move followed a detailed review by the bank's anti-money laundering team, according to FOX 26. That internal examination underpinned the decision to sever the accounts.
Capital One says unusual transaction patterns triggered the decision under federal guidance, according to the report. The bank framed the closures as a response to activity flagged during its review.
The bank is now asking a judge to dismiss a lawsuit filed by Eric Trump and the Trump Organization, according to FOX 26. The filing sets out Capital One's defense against the legal challenge.
The lawsuit claims the accounts were closed for political reasons, according to the report. That allegation is at the heart of the dispute between the company and the bank.
Capital One clarified that it is not directly accusing the company of money laundering, according to FOX 26. The bank drew a distinction between flagging unusual activity under federal guidance and alleging any wrongdoing.