A federal appeals court has temporarily halted a venture capital firm’s grant program for businesses run by Black women. The 2-1 decision by the Atlanta-based 11th U.S.
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In a statement Sunday, the Atlanta-based Fearless Fund said it would comply with the order but remained confident of ultimately prevailing in the lawsuit. The case was brought by the American Alliance for Equal Rights, a group run by conservative activist Edward Blum, who argues that the fund violates a section of the Civil Rights Act of 1866, which prohibits racial discrimination in contracts.
In his dissent, Judge Charles R. Wilson said it was a “perversion of Congressional intent” to use the 1866 act against the Fearless Fund’s program, given that the Reconstruction-era law was intended to protect Black people from economic exclusion. Wilson said the lawsuit was unlikely to succeed.
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US appeals court blocks venture capital fund's grant program for Black women By ReutersUS appeals court blocks venture capital fund's grant program for Black women
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Venture capital firm's grant program for black women blocked by US appeals courtVenture capital firm Fearless Fund had its grant program for black female business owners blocked by a United States appellate court Saturday.
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Federal court halts grant program for Black female entrepreneursIn issuing an injunction, the appellate panel sided with a conservative group that alleges the Fearless Fund’s program amounts to reverse discrimination.
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