[ad_1]
<div _ngcontent-c15 = "" innerhtml = "
Carolyn Rafaelian, founder of Alex and Ani, photographed in May 2017 for Forbes at Belcourt Manor in Newport, RI.
Franco Vogt / The Forbes Collection
After less than a month, jewelers Alex and Ani dropped the lawsuit alleging sex discrimination against Bank of America.
Founded by multimillionaire Carolyn Rafaelian, the Rhode Island Charm Bracelets Company filed the complaint in July claiming $ 1.1 billion in damages and claiming sex discrimination against the bank from the woman-headed business.
Alex and Lawyer Ani, Harmeet Dhillon, of San Francisco's Dhillon Law Group, said the company had resulted in a confidential resolution.
"Carolyn Rafaelian and the management team Alex and Ani are redoubling their efforts to make this iconic brand made in America, founded by a woman, focused on charity and meaningful, purposefully directed more successfully than ever" said Dhillon in a statement.
Bank of America spokesman Bill Halldin said the bank had not made any payments in connection with the withdrawal of the complaint.
"We are pleased that Alex and Ani have voluntarily withdrawn from the trial," Halldin said in a statement. "Bank of America totally disagrees with the claims made in the lawsuit and continues to support various creditworthy companies around the world. We look forward to continuing to work with Alex and Ani and the other six banks involved in the credit group. "
Halldin has already said Forbes Bank of America served as the administrative agent for the company's credit facility for a group of seven banks.
The lawsuit alleges that Bank of America cut off Alex and Ani's access to a $ 50 million revolving line of credit after falsely stating in December 2018 that Alex and Ani had defaulted on their $ 170 million loan. . The jewelery company said the move was a direct result of the appointment in December 2017 of a new female financial director, Andrea Ruda, 26 years old. & Nbsp;
According to the lawsuit, Alex and Ani said their relationship with Bank of America was good from January 2016 to December 2017, during which time the company's chief financial officer was a man. Once Ruda took over as CFO, the relationship deteriorated, said Alex and Ani. & Nbsp;
Rafaelian, 52, founded the spiritual wristband company Alex and Ani in her father's jewelry factory in Providence, Rhode Island, in 2004, where she produced costume pins and jewelery. the fancy jewels of his flag. , worth $ 1 billion. Its net worth fell to $ 520 million this spring while its core business was affected by the recent difficulties faced by physical retailers. At the time, the company had stated that it was putting more emphasis on direct sales to consumers via its website and stores. In July when the costume is out, Forbes estimates its value at about $ 450 million. & nbsp;
Rafaelian also owns more than 30 properties, mostly located in his home island, Rhode Island, and has invested in Big3, a three-on-three basketball league composed primarily of former NBA players; It was co-founded by rapper and actor Ice Cube.
Forbes reporter Will Yakowicz contributed to this report.
">
Carolyn Rafaelian, founder of Alex and Ani, photographed in May 2017 for Forbes at Belcourt Manor in Newport, RI.
Franco Vogt / The Forbes Collection
After less than a month, jewelers Alex and Ani dropped the lawsuit alleging sex discrimination against Bank of America.
Founded by multimillionaire Carolyn Rafaelian, the Rhode Island charm bracelet company filed a lawsuit in July seeking $ 1.1 billion in damages and claiming that the bank was discriminating against it. sex against the company headed by a woman.
Alex and Lawyer Ani, Harmeet Dhillon, of San Francisco's Dhillon Law Group, said the company had resulted in a confidential resolution.
"Carolyn Rafaelian and the management team Alex and Ani are redoubling their efforts to make this iconic brand made in America, founded by a woman, focused on charity and meaningful, purposefully directed more successfully than ever" said Dhillon in a statement.
Bank of America spokesman Bill Halldin said the bank had not made any payments in connection with the withdrawal of the complaint.
"We are pleased that Alex and Ani have voluntarily withdrawn from the trial," Halldin said in a statement. "Bank of America totally disagrees with the claims made in the lawsuit and continues to support various creditworthy companies around the world. We look forward to continuing to work with Alex and Ani and the other six banks involved in the credit group. "
Halldin has already said Forbes Bank of America served as the administrative agent for the company's credit facility for a group of seven banks.
The lawsuit alleges that Bank of America cut off Alex and Ani's access to a $ 50 million revolving line of credit after falsely stating in December 2018 that Alex and Ani had defaulted on their $ 170 million loan. . The jewelery company said the move was a direct result of the appointment in December 2017 of a new female financial director, Andrea Ruda, 26 years old.
According to the lawsuit, Alex and Ani said their relationship with Bank of America was good from January 2016 to December 2017, during which time the company's chief financial officer was a man. Once Ruda took over as CFO, the relationship deteriorated, said Alex and Ani.
Rafaelian, 52, founded the spiritual wristband company Alex and Ani in her father's jewelry factory in Providence, Rhode Island, in 2004, where she produced costume pins and jewelery. the fancy jewels of his flag. , worth $ 1 billion. Its net worth fell to $ 520 million this spring while its core business was affected by the recent difficulties faced by physical retailers. At the time, the company had stated that it was putting more emphasis on direct sales to consumers via its website and stores. In July when the costume is out, Forbes estimated its value at about $ 450 million.
Rafaelian also owns more than 30 properties, mostly located in his home island, Rhode Island, and has invested in Big3, a three-on-three basketball league composed primarily of former NBA players; It was co-founded by rapper and actor Ice Cube.
Forbes reporter Will Yakowicz contributed to this report.