Events & AwardsJul 21, 2025
NAJA’s 2025 ‘Ace It’ Conference To Go VirtualThe mid-year conference for jewelry and watch appraisers is slated for Aug. 9 to 10 on Zoom.
MajorsAug 23, 2019
Alex and Ani Drops Lawsuit Against Bank of America
The jewelry company accused the bank of discriminatory lending practices against a women-led company.
Alex and Ani founder Carolyn Rafaelian was featured in Bank of America advertisements to showcase its commitment to diversity in lending. The jewelry company filed a gender discrimination lawsuit against the bank in July, but dropped the suit Monday.
New York—Alex and Ani LLC voluntarily dropped its discrimination lawsuit against Bank of America Corp. Monday, according to court documents.
The Rhode Island-based jewelry company dismissed the case with prejudice—meaning Alex and Ani is barred from bringing action again on the same claims–after reaching a confidential agreement with Bank of America, as per a report by the Providence Journal.
Alex and Ani declined to comment on the dismissal and directed all inquiries to its lawyer, but Bank of America spokesman Bill Halldin said Thursday that the financial institution did not make any payments in connection with the withdrawal of the lawsuit.
The women-led company filed a lawsuit July 25 in federal court in New York, alleging lending discrimination and asking for $1.1 billion in damages.
The suit claimed that Bank of America, which is one of group of banks that lends to the company, had wrongly declared the company in default in December 2018, cutting its credit line and costing the jeweler more than $1 billion in expenses, lost revenue and reduced market value.
Alex and Ani said it had been treated unfairly by the bank since Andrea Ruda, a woman, took over as chief financial officer in December 2017, when Bob Woodruff left the position.
The bank allegedly pocketed millions of dollars in fees, consulting costs and other reimbursements from Alex and Ani under Woodruff’s year-long tenure, while Ruda was described as “no-nonsense” and was said to be cutting costs and improving the bottom line.
The suit also claimed that as soon as Ruda stepped in as CFO, the bank began recommending expensive outside consultants be hired, specifically a male chief restructuring officer, at Alex and Ani’s expense.
Bank of America refuted the allegations made by Alex and Ani.
“We are pleased that Alex and Ani has voluntarily withdrawn the lawsuit. Bank of America strongly disagrees with the allegations made in the lawsuit and continues to support credit-worthy diverse businesses around the world,” Halldin said.
He also noted that Alex and Ani’s loan is spread out across seven banks, including Bank of America, which also acts as an administrative agent.
“We look forward to continuing to work with Alex and Ani and the six other banks involved in the lending group,” he said.
More on Majors
The Latest
TrendsJul 21, 2025
Amanda’s Style File: Graduated With Honors Graduated stones make for elevated tennis-style pieces and dramatic statement necklaces.
Events & AwardsJul 21, 2025
Gem Awards Now Accepting Nominations for 2026Nominations in the categories of Jewelry Design, Media Excellence, and Retail Innovation will be accepted through July 30.
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine JewelryAs a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.
TrendsJul 18, 2025
Piece of the Week: CCWW Designs’ Shell Charm NecklaceThe charm necklace features six nautical charms of shells and coral that founder Christina Puchi collected on Florida’s beaches.
Weekly QuizJul 17, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsJul 18, 2025
Plumb Club Elects New Board MembersThe organization elected its youngest vice president as it looks to draw in fresh talent.
TechnologyJul 18, 2025
Brad Campbell, John Liebler Join Clientbook’s Executive Team Campbell joins the company as vice president of business development while Liebler is the new vice president of operations.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
CollectionsJul 17, 2025
2026 Winter Olympic Medal Design Symbolizes UnityThe medals feature a split-texture design highlighting the Games’ first time being hosted by two cities and the athletes’ journeys.
Supplier BulletinJul 17, 2025
The INSTORE Jewelry Show 2025: Your Holiday Preparations, All Wrapped Up! Sponsored by The INSTORE Jewelry Show 2025
SurveysJul 17, 2025
The Most Recommended Brands in the World, According to YouGovGlobally, travel and transportation brands reigned, while in the U.S., alcoholic beverage companies and a lingerie brand took the top spots.
IndependentsJul 17, 2025
Gina Ferranti of GiGi Ferranti Jewelry Dies at 59The Brooklyn-based jewelry designer is remembered as a true artist and a rare talent.
SourcingJul 17, 2025
Rio Tinto Names New CEO, Production Rises at DiavikProduction at the mine in Canada’s Northwest Territories topped 1 million carats in Q2, the third consecutive quarter of growth.
Events & AwardsJul 17, 2025
JA to Hold Learning Workshops This FallA new slate of Learning Workshops will take place in Oklahoma, Mississippi, and Georgia.
SurveysJul 16, 2025
Signet Jewelers Falls Lower on NRF’s ‘Top 100’ Retailers ListThe middle class is changing its approach to buying jewelry and affordable luxury goods, the NRF said.
FinancialsJul 16, 2025
Richemont’s Jewelry Sales Up 7% in Q1It marks the third consecutive quarter of growth for Cartier, Van Cleef & Arpels, Buccellati, and Vhernier.
WatchesJul 16, 2025
The Top-Selling Rolex Models of the Last 15 Years, According to Bob’s Watches The reseller’s market trends report, based on its sales data, also shows exactly how much Rolex prices have jumped since 2010.
AuctionsJul 16, 2025
Christie’s To Honor Dinh Van With ExhibitionThe auction house will be hosting a retrospective paying tribute to jeweler Jean Dinh Van and his company’s 60th anniversary.
IndependentsJul 16, 2025
Clyde Duneier Ushers In Fourth GenerationJake Duneier and Danielle Duneier-Goldberg have stepped into the roles of CEO and president, respectively.
CollectionsJul 15, 2025
Boucheron’s New High Jewelry Calls Attention to Nature’s ImpermanenceThe “Impermanence” collection contemplates nature through the Japanese art of Ikebana (flower arranging) and philosophy of wabi-sabi.
MajorsJul 15, 2025
James Avery Expands to 2 More StatesThe Texas-based jewelry retailer has set up shop in Tennessee and Arizona.
Events & AwardsJul 15, 2025
Neiman Marcus Vet Joins Couture as Brand Director Eric Ford will step into the role, bringing with him decades of experience.
MajorsJul 15, 2025
Ben Bridge Jeweler Acquires Olympic ManufacturingIn addition to improved capabilities, the acquisition will allow the jeweler to offer support to other independent jewelers.
CollectionsJul 15, 2025
Guzema Debuts First Colored Gemstone JewelryThe “Celestial Blue” capsule collection campaign features Olympian Kateryna Sadurska.
MajorsJul 14, 2025
Nanis Opens First StoreThe seasonal store, located in Mykonos, Greece, offers exclusive events, personal styling, and curated experiences.
IndependentsJul 14, 2025
It’s the Summer of Love at Long’s JewelersThe New England jeweler is hosting a bridal event for the month of August.
SourcingJul 14, 2025
Ethical Gem Fair Heads to SeattleThe trade-only event will host its debut fair in the Emerald City later this month.
