TLDR:
– Fearless Fund, a venture capital firm based in Atlanta, is shutting down its grant program for Black women business owners after settling a year-long affirmative action battle.
– The settlement agreement between Fearless Fund and conservative activist Edward Blum permanently closes the Fearless Strivers Grant contest, which awarded $20,000 to small businesses led by women of color.
Attorneys representing both parties have settled the case, with Fearless Fund agreeing to permanently close its grant program that was at the center of the year-long legal battle over racial discrimination. The Fearless Strivers Grant contest awarded $20,000 to small businesses led by women of color. While the American Alliance for Equal Rights encouraged the grant contest to be open to a broader group of women, Fearless Fund decided to end the program entirely. Alphonso David, one of the lead attorneys representing Fearless Fund, stated that the settlement is a positive outcome for the company and does not restrict its future investment or charitable activities. The settlement brings an end to a high-profile affirmative action case and comes at a time when diversity, equity, and inclusion initiatives are facing scrutiny in various sectors.
