BREAKING: Capital One tells a federal court it closed the Trump Organization's accounts

BREAKING: Capital One tells a federal court it closed the Trump Organization's accounts after its anti-money laundering team reviewed them

Trump has spent years claiming banks unfairly "debanked" him over his politics. Now Capital One has told a federal court the real reason it closed his accounts, and it has nothing to do with politics.

Here is what happened. Capital One is fighting a lawsuit brought by the Trump Organization and Eric Trump, who allege the bank shut down their accounts in 2021 because of its "woke" beliefs and a desire to benefit from the political mood after the January 6th riot. On Friday, Capital One answered in a court filing, and pointed to something very different.

According to the bank, it closed more than 300 Trump-affiliated accounts after months of analysis and a careful review by its anti-money laundering team, done in accordance with bank policies and regulatory guidance. In the filing, Capital One said the transaction patterns it identified were among the types of activity flagged by federal banking guidance. As Reuters reports, this marks the first time a bank has formally tied money laundering concerns to Trump's family business.

Capital One has never accused the Trump Organization of illegal money laundering. But the bank called the Trumps' claims of political targeting "misguided" and based on "cherry-picked quotations unsupported by the full context" of the documents before the court. The federal court in Miami has already tossed two versions of the Trump complaint, and Capital One says the latest one suffers from the same flaws.

It fits a pattern. Back in 2019, Trump sued Capital One and Deutsche Bank to stop them from sharing his financial records with Congress. And at Deutsche Bank, anti-money laundering staff reportedly flagged a set of transactions, only for executives to ignore them.

So the story Trump has been selling just ran into his own bank's version of events. He wanted the public to believe he was a victim of political bias. Capital One told a federal judge it closed his accounts after its money laundering experts reviewed them. That is now on the record.