CRANSTON, R.I. -- Jewelry maker Alex and Ani has dropped its US$1.2 billion discrimination lawsuit against Bank of America that had alleged "gender bias and greed."
The Providence Journal reports the Rhode Island company agreed to voluntarily dismiss the suit after reaching a confidential agreement with the Charlotte, North Carolina, bank.
The lawsuit, filed in federal court in New York, had accused Bank of America of trying to push women out of leadership roles at the company. It also argued the bank wrongly placed Alex and Ani in default of a $170 million loan and froze a $50 million revolving line of credit.
A Bank of America spokesman told the Journal that no payments were made to the company for dismissing the suit and that the bank strongly disagrees with the allegations.