Jamel Toppin for ForbesAlex and Ani founder Carolyn Rafaelian must pay $5 million to London-based investment firm Lion Capital, which owns the majority of her jewelry company, a New York State judge has ruled. Lion Capital filed a legal action against Rafaelian in June, claiming she did not repay $5 million she borrowed from the firm with interest on the maturity date of June 15. In the lawsuit Rafaelian filed against Lion Capital in June, she claims that the investment firm reneged on its promise to fund her new ventures. Lion Capital filed a motion to dismiss her suit in light of the New York judge’s ruling. Last month, Rafaelian announced in an Instagram video that she would no longer be designing for Alex and Ani.

Source: Forbes November 11, 2020 18:56 UTC