AuctionsApr 01, 2026
John Jacob Astor IV’s Titanic Pocket Watch Heads to AuctionA Patek Philippe for Tiffany & Co. timepiece owned by the American businessman who died on the Titanic will be offered at Freeman's Chicago.
MajorsJul 26, 2019
Alex and Ani Sues Bank of America for Discrimination
The jewelry company accuses the bank of discriminatory lending practices against a women-led company and is asking for $1 billion in damages.
Alex and Ani founder Carolyn Rafaelian was featured in Bank of America advertisements highlighting its commitment to diversity in lending. The company filed a lawsuit against the bank Wednesday for alleged discriminatory lending practices.
New York—Alex and Ani LLC filed a lawsuit against Bank of America Corp. Wednesday, alleging lending discrimination against the women-led company and asking for $1.1 billion in damages.
According to the lawsuit, filed in federal court in New York, Bank of America granted the company a line of credit in 2016 to fund its operations but declared Alex and Ani in default in December 2018, allegedly without warning.
The suit claims that Bank of America breached the credit agreement by “fraudulently alleging a default that didn’t exist,” as Alex and Ani made timely payments and complied with the terms of the agreement.
Cutting its credit line cost the company more than $1 billion in expenses, lost revenue and reduced market value, as per the court filing.
The lawsuit claims the bank’s actions are “driving Alex and Ani towards bankruptcy and milking it for literally tens of millions of dollars in fees. The endgame is clear: Bank of America wants the women out of power at Alex and Ani.
“It wants to bring back the good old days, when a male Alex and Ani CFO [Bob Woodruff] let Bank of America charge whatever it wanted for BofA’s putative ‘services.’”
Initially, the suit states, Bank of America and Alex and Ani had a “comfortable” relationship, with the financial institution featuring Alex and Ani founder Carolyn Rafaelian in advertisements to showcase its commitment to diversity to the public.
Despite its “glossy marketing,” the suit alleges, the bank is “decidedly retrograde in its views toward women, toward people of color and toward other protected groups.”
The relationship allegedly began to sour in December 2017, when Andrea Ruda, a woman, stepped in as Alex and Ani chief financial officer after Woodruff left the company.
Under Woodruff’s year-long tenure, the bank allegedly took in millions of dollars in fees, consulting costs and other reimbursements from Alex and Ani, but he made financial and operational decisions for the company that were “unjustifiable--even reckless,” the lawsuit states.
Ruda, on the other hand, is described as “young, no-nonsense and driven to cut costs and trim the fat.” She slashed payroll costs and reviewed productivity to the benefit of then-struggling company’s bottom line, and by extension, the bank’s investment.
However, the lawsuit states, the company has been treated unfairly since Ruda’s appointment as CFO because the bank “has a gender bias problem,” pointing to the nearly $211 million in discrimination penalties that the bank has
paid to various companies since 2000.
The suit claims that as soon as Ruda started as CFO, Bank of America began advocating for the hiring of expensive outside consultants, specifically a male chief restructuring officer, to run Alex and Ani’s finances at the company’s expense.
As her tenure stretched on, she found the bank to be “increasingly uncooperative,” despite her "herculean--and objectively successful--efforts to shore up and turn around Alex and Ani’s finances.”
In the company’s statement on the lawsuit, Bank of America spokesman Bill Halldin said the loan is spread out across seven banks, including Bank of America, which also acts as an administrative agent.
“As the complaint itself notes, the company has faced serious financial challenges for nearly two years. The banks have worked closely with the company during this time,” he said. “Bank of America’s demonstrated record of support for diverse businesses is well-noted and widely recognized.”
In March, the bank announced that it had pledged $100 million to the Tory Burch Foundation Capital Program in 2019, a program that provides loans to women entrepreneurs.
Alex and Ani did not respond to National Jeweler’s request for further comment on the lawsuit by press time.
The company is represented by Harmeet Dhillon of Dhillon Law Group Inc., who has taken on several high-profile First Amendment cases.
The case is Alex and Ani LLC v Bank of America NA, 19-cv-6929, U.S. District Court, Southern District of New York.
The suit claims that as soon as Ruda started as CFO, Bank of America began advocating for the hiring of expensive outside consultants, specifically a male chief restructuring officer, to run Alex and Ani’s finances at the company’s expense.
As her tenure stretched on, she found the bank to be “increasingly uncooperative,” despite her "herculean--and objectively successful--efforts to shore up and turn around Alex and Ani’s finances.”
In the company’s statement on the lawsuit, Bank of America spokesman Bill Halldin said the loan is spread out across seven banks, including Bank of America, which also acts as an administrative agent.
“As the complaint itself notes, the company has faced serious financial challenges for nearly two years. The banks have worked closely with the company during this time,” he said. “Bank of America’s demonstrated record of support for diverse businesses is well-noted and widely recognized.”
In March, the bank announced that it had pledged $100 million to the Tory Burch Foundation Capital Program in 2019, a program that provides loans to women entrepreneurs.
Alex and Ani did not respond to National Jeweler’s request for further comment on the lawsuit by press time.
The company is represented by Harmeet Dhillon of Dhillon Law Group Inc., who has taken on several high-profile First Amendment cases.
The case is Alex and Ani LLC v Bank of America NA, 19-cv-6929, U.S. District Court, Southern District of New York.
The Latest
SurveysApr 01, 2026
Consumers’ Outlook Improves Again in MarchThe Conference Board’s Consumer Confidence Index edged up, with optimism about the present outweighing worries about the future.
IndependentsApr 01, 2026
Zachary’s Jewelers’ Constance Polamalu to Release Children’s BookThe retailer’s Zach Bear gift comes to life in “Zach Bear and the Window Necklace,” which centers on curiosity, bravery, and helping.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
Events & AwardsApr 01, 2026
AGA Opens 2026 Gemological Scholarship, Research Grant ApplicationsApplications are open for the AGA Gemological Scholarship Program through May 15, and until June 2027 for the Gemological Research Grant.
Weekly QuizMar 26, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
ColumnistsMar 31, 2026
Q1 Clues That Reveal Where Your Jewelry Store’s Sales Are Heading These customer behavior patterns say a lot about how successful your jewelry store is going to be this year, Emmanuel Raheb writes.
CollectionsMar 31, 2026
Mejuri Adds Silver to ‘Puzzle’ CollectionMejuri’s popular collection of 18-karat yellow gold vermeil rings debuted in sterling silver alongside new “Puzzle” slider charms.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
CollectionsMar 31, 2026
Buddha Mama, Ashley Longshore to Host Pop-Up in DallasThe Miami-based jewelry brand and the NYC-based artist will be in Dallas from April 9-11.
SourcingMar 31, 2026
NDC Designates April 8 as 'World Diamond Day'The initiative invites those in the industry to share stories on social media highlighting the meaning and impact of natural diamonds.
SourcingMar 31, 2026
GIA VP Jillian Wolk to Take Over at Tracr Wolk’s first day on the job as CEO of Tracr, De Beers Group’s blockchain platform, will be May 1.
EditorsMar 30, 2026
Tom Moses Looks Back on His Decades at GIA Moses, who will leave the lab in May after nearly 50 years, discusses his start in the business, gemstones that stand out, and what’s next.
TrendsMar 30, 2026
Oscar Heyman Debuts First Spring CatalogThe new catalog, which showcases 35 one-of-a-kind pieces of jewelry, is a compliment to the company’s popular holiday catalog.
SourcingMar 30, 2026
Rio Tinto Hauls Last Load from DiavikProduction has ceased at the Canadian diamond mine, which has yielded more than 150 million carats of rough diamonds in its 23-year run.
MajorsMar 27, 2026
Saks Global Has Changed Its Mind About Closing These 3 StoresTwo Saks Fifth Avenue locations, one in Florida and one in California, and one Neiman Marcus store are off the chopping block.
IndependentsMar 27, 2026
Jimmy West, Longtime LJG Executive Director, Dies at 72West, who started in the art department at the Leading Jewelers Guild in 1979, is remembered for his patience, kindness, and dedication.
CollectionsMar 27, 2026
Itä’s ‘Yarí Whirl’ Ring Tells Every Side of the StoryIn the “Tesoro” version of the ring, our Piece of the Week, each side of the gold hexagonal nugget has a unique colored gemstone design.
WatchesMar 26, 2026
Q&A: Citizen Watch America President Jeffrey Cohen on Eco-Drive’s 50th AnniversaryCohen discusses the evolution of Citizen’s light-powered technology, the brand’s cross-generational appeal, and tariffs.
IndependentsMar 26, 2026
Peter Smith Pens Book on Human Behavior in Sales“Essentially Human: On Sales and Salespeople" reveals the underlying human traits and behaviors of the most successful sales professionals.
CollectionsMar 26, 2026
Lionheart Celebrates 13 Years of ‘Cassandane’The collection features symbols of love, luck, and light, based on the story of Queen Cassandane and Cyrus the Great of Persia.
Events & AwardsMar 26, 2026
NAJA, Instappraise Introduce New ScholarshipIt’s the third scholarship to be launched as part of the partnership to help appraisers advance their professional credentials.
Events & AwardsMar 26, 2026
JA Still Accepting Entries for 2026 CASE AwardsThe deadline for entries in the jewelry design competition has been extended to April 3.
SourcingMar 25, 2026
Rob Bates Steps Down as JCK News Director After 28 years with JCK, the veteran industry journalist is launching his own publication on Substack called The Jewelry Wire.
GradingMar 25, 2026
New York’s Natural History Museum, Wiley To Build Minerals DatabaseWiley said the project will give scientists worldwide access to the American Museum of Natural’s History renowned mineral collection.
CollectionsMar 25, 2026
Boochier Turns Flower Friendship Bracelets Into Fine JewelryThe “Flower Puff” collection looks to beaded flower friendship bracelets from childhood, turning the silhouette into nostalgic fine jewelry.
Policies & IssuesMar 25, 2026
Community for Ethical Jewelry to Host Bench Jeweler Shortage WebinarSet for April 2, the webinar will discuss how the jewelry industry can address the workforce gap.
IndependentsMar 24, 2026
Lisa Bayer, Illustrator and Beloved Member of the Muse Family, Dies at 64Bayer, founder of Lisa Bayer Designs, is remembered as “a bright light in every room.”
