FILE - In this July 26, 2012 file photo, workers at an Alex and Ani factory assemble jewelry in Cranston, R.I. The company maker filed a discrimination lawsuit in July 2019 in federal court in New York that alleges "gender bias and greed" by Bank of America has led to a financial "death spiral" at the company. The lawsuit says bank "wants the women out of power at Alex and Ani." The company was founded by Carolyn Rafaelian in 2004, and was selected by the U.S. Olympic Committee to produce the charms for the 2012 London Games. (AP Photo/Steven Senne, File)

Alex and Ani jewelry accuses Bank of America of gender bias

July 26, 2019 - 4:44 pm

CRANSTON, R.I. (AP) — Jewelry maker Alex and Ani has filed a $1.2 billion lawsuit alleging that "gender bias and greed" by Bank of America have led to a financial "death spiral" at the Rhode Island-based company.

The lawsuit was filed Thursday in federal court in New York. It says the Charlotte, North Carolina bank "wants the women out of power at Alex and Ani."

Alex and Ani says Bank of America wrongly placed the company in default on a $170 million loan and froze a $50 million revolving line of credit because of age and gender discrimination.

Bank spokesman Bill Halldin told The Providence Journal that "Bank of America has a demonstrated record of support for diverse businesses that is well noted and widely recognized."

AP Editorial Categories: 
Comments ()