April 14, 2024
Fearless Fund VC firm opposes injunction


By stacey jackson

In September 2023, the 11th Circuit Court ordered a halt to the Fearless Fund’s grants pending the outcome of the lawsuit.

Lawyers representing the Black- and women-owned Fearless Fund venture capital firm argued before a federal appeals court in Miami on Jan. 31 to overturn an injunction that barred them from specifically identifying as Black women. Prevents entrepreneurs from giving grants.

The firm’s attorney, Alphonso David, argued at a press conference that if the venture capital firm could not make grants to black women, “it calls into question every other charitable organization doing similar work,” cnn informed of.

The lawyer also said that the case “should be important to everyone.”

The Fearless Fund is defending itself against the American Alliance for Equal Rights (AAER), headed by Edward Blum, which was involved in the Supreme Court case that struck down affirmative action in college admissions.

A lawsuit filed by AAER alleged that the fund’s only black women entrepreneur grantees discriminated against unnamed members of the group who were not black. AAER lawyers argue that this is illegal racial discrimination that causes “additional harm.”

Fearless Fund CEO and co-founder Ariane Simon said the organization “remains undeterred by this sustained, concerted effort to restore economic equity,” the news outlet reported. In fact, since the last court hearing, the Fearless Fund expressed that it has expanded services to become a “one-stop-shop for women of color entrepreneurs.”

In September 2023, CNN reported that the 11th Circuit Court ordered a halt to the Fearless Fund’s grants pending the outcome of the lawsuit.

Related Content: Fearless Fund and its lawyers will “vigorously” fight the racial discrimination lawsuit

Source: www.blackenterprise.com

Leave a Reply

Your email address will not be published. Required fields are marked *