Alex and Ani jewelry company, which is founded by American Armenian businesswoman Carolyn Rafaelian, has dropped its $1-billion discrimination lawsuit against Bank of America less than a month after accusing the lender of “sexism and greed,” according to court documents.
The Rhode Island company agreed to voluntarily dismiss the case, with prejudice after reaching a confidential agreement with Bank of America, administrator in a group of seven financial institutions lending to Alex and Ani, Providence Journal reported.
Bank of America said it is not making any payment to Alex and Ani in exchange for the dismissal.
The suit claimed Bank of America had wrongly placed Alex and Ani in default on $50 million in deb.
The lawsuit also claimed that Bank of America’s long partnership with Alex and Ani, which included lending and featuring female founder Carolyn Rafaelian in commercials, abruptly turned adversarial after the jewelry company replaced a male CFO with a 26-year-old woman.
Carolyn Rafaelian has named her aforesaid company after her two daughters.