Though no legal strategy was presented, the Fearless Fund and its lawyers plan to “vigorously” fight a lawsuit filed against the Black-owned venture capital firm by a conservative anti-affirmative action activist.
Including public comments for the first time on the “racial discrimination lawsuit,” the press conference was attended by Fearless Fund’s co-founders Arian Simone and Ayana Parsons and its lawyers. They include civil rights attorney Ben Crump and Alphonso David, president/CEO of the Global Black Economic Forum.
Crump talked about the significance of women having a seat at the table and economic freedom. The legal team plans to fight the suit vigorously, and pursuing a dismissal is a possible option.
When asked about the lawsuit, Simone told King she initially thought it was not real. Realizing it was, she described it as “definitely an attack to dismantle and address our economic freedom as people of color.”
On Fearless Fund’s response, Simone says it will be simple—the firm plans to continue to do the work it does for women of color. Simone explained a potential problem is that 92% of venture capital funding comes from white investors. “If we can diversify the investors, we can diversify the investments.”
As part of a statement, the Fearless Fund wrote, “Built by women of color for women of color, we are proud of the work we have done at the Fearless Fund and Fearless Foundation with the consistent and invaluable support from our corporate partners, investors, mentors, and advisors.”
It added, “Our vision is to promote a global society where marginalized and underrepresented communities are empowered with unbiased access to the resources and assistance that are critical to achieve business success.”
The firm listed several corporate partners for their continued support, including Ally, Bank of America, JPMorgan Chase, Mastercard, PayPal, Nike, Tory Burch Foundation, Costco, General Mills, and Florida A&M University.
The Fearless Fund provided a new website amid its legal circumstance for support.
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Source: Black Enterprise