NewsBlack-Owned VC Firm Faces Racial Discrimination Lawsuit

Black-Owned VC Firm Faces Racial Discrimination Lawsuit

The Fearless Fund plans to respond soon to an “unlawful racial discrimination” lawsuit filed impromptu against it by a conservative anti-affirmative action activist, BLACK ENTERPRISE covered.

The Atlanta-based Fearless Fund, calling itself the first VC fund built by women of color for women of color, made its intentions known to BLACK ENTERPRISE on Aug 3. The Black-owned venture capital firm was caught off guard by the suit filed this week by  American Alliance for Equal Rights, led by Edward Blum.

Now, the Fearless Fund is dealing with the newly reported lawsuit. Black leaders have  voiced strong objections to  the Supreme Court’s decision abolishing affirmative action. And some observers now question if the workplace will be Blum’s next target.
William Michael Cunningham, owner of Creative Investment Research, commented on the lawsuit in an editorial he wrote on the topic. He expressed that the American Alliance for Equal Rights has directed its negative legal stand at the Fearless Fund

Amid this controversy, Cunningham told BE pressing questions are: why this specific legal battle, why the Fearless Fund, and why now?  He says his firm’s analysis suggests that American Alliance is trying to eliminate all minority and women business programs.
He added his firm’s research shows the organization stands a good chance of succeeding because of their affirmative action lawsuit that was adjudicated in their favor by the Supreme Court.

“Black businesses must resist the temptations to retreat and hide their blackness,” Cunningham says.
“This lawsuit is an existential threat to the survival of all Black businesses. The situation demands a  bold, courageous, and authentic approach to combat this.”

The suit questions Fearless Fund’s Fearless Strivers Grant Contest, according to Yahoo Finance.

RELATED CONTENT: The Nerve! Conservative Affirmative Action Activist Sues Black-Women Owned VC Firm

Source: Black Enterprise


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