Capital One Bank said concerns over money laundering were behind the closure of one of President Donald Trump’s bank accounts in 2021, responding to a lawsuit from one of Trump’s financial holding companies.

The Trump Organization’s lawsuit held that the company persecuted Trump over his political beliefs, “de-banking” him after the Jan. 6, 2021, Capitol riot. In a court filing Friday, however, Capital One claimed for the first time publicly that the timing was coincidental and that the real reason for terminating Trump’s bank accounts was due to money laundering concerns.

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