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.”