I was working in my home office, soaking in the good energy streaming from the sun on an early-August Atlanta afternoon, when my cell phone began buzzing with texts; I ignored them.

But then my phone rang. “Arian, have you seen the news?” Mary, a member of my team, asked. “The press is emailing me and other staff members, asking us to comment on our lawsuit.”

“That’s silly, we’re not in a lawsuit,” I said, feeling unbothered. I returned to the emails I’d been reading as CEO of the Fearless Fund, the women-of-color-founded venture capital firm I’d started in 2018.

Then Mary sent me the filing.

The top of the document read in all caps: “IN THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF GEORGIA ATLANTA DIVISION.”

“This is a federal case!” I blurted out, my heart skipping a beat.

“AMERICAN ALLIANCE FOR EQUAL RIGHTS, Plaintiff, v. FEARLESS FUND MANAGEMENT, LLC; FEARLESS FUND II, NOT FOR DISTRIBUTION GP, LLC; FEARLESS FUND II, LP; and FEARLESS FOUNDATION, INC.”

I called Mary back.

“Who is the American Alliance for Equal Rights?!” I asked. I remembered the group was connected to Ed Blum, who had filed the Supreme Court case that ended affirmative action in colleges in June. The Supreme Court had struck down colleges’ ability to use race as one factor among many in their admissions decisions. But what did this have to do with my fund?

“Just go back to work; don’t let this upset you,” I told Mary. “I’ll figure out what’s going on.”

I wanted her to remain calm so she could work undistracted. Then I sent a note telling the staff not to respond to the media but to stay focused on their work. I didn’t want anyone becoming preoccupied with what might well be a social-media mistake gone viral.

I continued reading the lawsuit, noting the plaintiff had filed three critical motions against my companies all in one day. The first was a temporary restraining order, demanding that we cease operations by August 17—just one day before our 2023 Fearless VC Summit, intended to provide education, networking, connections, and a marketplace for goods and services to 2,000 women-of-color entrepreneurs. It was already August 2, and our conference planning was in full gear.

The second motion was a preliminary injunction order (PI) intended to stop the Fearless Strivers Grant program, an initiative run by the Fearless Foundation, our nonprofit providing grants and educational resources to Black women entrepreneurs. The Fearless Strivers Grant helped these enterprising women access resources, funding, and an ecosystem of support historically out of reach.

My gut became a bit unsettled.

The third motion consisted of the legal case itself, alleging that four of the Fearless Fund’s six companies engaged in racial discrimination. As I attempted to digest what I was reading, I noticed Blum wasn’t coming after Fund I, which had already invested almost $26 million in 36 companies founded by women of color. Nor was he pursuing the general partnership managing it. But he was coming after Fund II, which would soon invest in a new group of businesswomen; he was also suing Fund II’s general partnership, the Fearless Fund’s management company, and the Fearless Foundation.

That means he is after our future business, not past business— and the future of Black women’s entrepreneurship!

Excerpted from Fearless Freedom: A Manifesto for Unlocking Wealth and Equality for All by Arian Simone, published by Storehouse Voices.

The Most Powerful Women Daily newsletter is Fortune’s daily briefing for and about the women leading the business world. Today’s edition was curated by Emma Hinchliffe.

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As more details unfold about the Cornell case, Ithaca's mayor is taking action. Mayor Robert Cantelmo moved to impose "an immediate moratorium on all student event and special event permits, including, but not limited to Greek life and other student group gatherings," a step that the university itself hasn't taken. 

"Giving while living" is the new trend. Edward Jones managing partner Penny Pennington (No. 54 on the Most Powerful Women list) says the wealthy are no longer waiting until they die to pass on wealth. The goal is two-fold: to see their impact and to test whether they have "values alignment" with the next generation. 

Scarlett Johansson's skincare brand shuts down. The Outset launched four years ago; the actress's cofounder and brand CEO left in 2025. 

Bari Weiss won't have a role at CNN. At least at the time that Paramount's acquisition of Warner Bros. Discovery closes, the WSJ reports. 

ON MY RADAR

Kylie Jenner, Selena Gomez, and Hailey Bieber’s brands dominate beauty’s creator economy. Fame is only part of the reason Fortune

Ted Lasso and what promotion means in women's soccer The Athletic

Gina Hinojosa and Democrats' Texas decision NYT

PARTING WORDS

"I’m just not going to die with secrets. Not. Gonna. Do. It. Some people do, and that’s their choice."

—Wynonna Judd on her new album The Hard Truth, her first without her mother Naomi Judd