Rhode Island jewelry company Alex and Ani has filed a $1.1 billion gender bias lawsuit against Bank of America, accusing it of cutting off a line of credit after a female took over for the jeweler as chief financial officer.
Filed on Thursday in Manhattan federal court, the lawsuit said the bank used a “nonexistent” default as an excuse for cutting off access to a $50 million revolving line of credit the bank had extended in 2016. In reality, the bank was motivated by gender bias against the women-led company, the complaint alleged.
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