A federal judge in Atlanta ruled Tuesday that a venture capital firm can continue offering a grant program only to Black women entrepreneurs, saying a lawsuit arguing it illegally excluded other races was not likely to succeed.
Senior U.S. Judge Thomas Thrash denied a preliminary injunction that would have blocked the grants by the Atlanta-based Fearless Fund. The judge issued the decision in court after hearing arguments from attorneys and said he planned to issue a written order by the end of the week.
The Fearless Fund is a tiny player in the approximately $200 billion global venture capital market, but Tuesday’s ruling was a significant victory for the firm, which has become symbolic of the fight over corporate diversity policies. The lawsuit against it could be a test case, as the battle over considerations on race shifts to the workplace following the U.S. Supreme Court’s June ruling ending affirmative action in college admissions.
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