Alex and Ani Sues Bank of America for $1.1B

RAPAPORT... Alex and Ani has filed a $1.1 billion lawsuit against Bankof America, claiming its gender bias and greed have driven the jewelry company toward bankruptcy. Last year, the bank declared the company had defaulted on its revolvingloan, even though it was meeting all the terms of its line-of-credit agreement,Alex and Ani alleged in the suit, filed in a New York district court July 25. Bank of America did so because the company is led by a trio of strong women, according tothe filing. The jeweler, which once had a close relationship with Bankof America and featured in an advertisement for the company, said the changecame in 2018, shortly after a female chief financial officer took over at Alex and Ani. "From January 2016 through December 2017, Bank of America'srelationship with Alex and Ani was comfortable," the lawsuit stated. "Under thehelmsmanship of [the] former CFO, Bank of America raided the Alex and Anicorporate kitty, harvesting millions of dollars from the company throughbloated fees, nonsensical consulting arrangements and gold-platedreimbursements." That changed when the new, female finance officer took over,Alex and Ani maintained. "Despite Bank of America's woke advertising, thecompany is decidedly retrograde in its views toward women, toward people ofcolor and toward other protected groups," the suit said. Bank of America had already caused Alex and Ani to loseseveral hundreds of millions of dollars through its actions, the retailer claimed,calling the bank's conduct toward the company "vindictive," "obstinate" and"petty." The jewelry retailer also cited Bank of America's history ofgender bias, saying it had a "checkered past," and its actions had taken a tollon the company financially. "Make no mistake, Bank of America had driven Alex and Ani tothe precipice," the lawsuit said. "The endgame is clear: Bank of America wantsthe women out of power at Alex and Ani." Bank of America had not responded to Rapaport News'request for comment at press time. Image: A Bank of America location in New York. (Shutterstock)