Early-stage venture firm 1517 Fund has sued the California regulator that’s overseeing the delayed rollout of a controversial new portfolio diversity disclosure requirement, claiming the law is unconstitutional.
It’s the sharpest pushback yet from VCs, who have called the rules an overreach that burdens investors and the startups they fund. The complaint appears to be the first lawsuit over the California Fair Investment Practices by Venture Capital Companies Act. READ MORE