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Meta also ended representation goals for women and minorities, a program to source supplies from diverse-owned businesses and scrapped its DEI teams.

The report identified diverse-owned businesses as those run by Blacks, Latinos, Asians, other people of color, women and veterans.

"Plaintiffs' groundless allegations ignore both McDonald's legitimate business reasons for not investing more on their channels and the company's long-standing business relationships with many other diverse-owned partners," she said.

If the current threshold for diverse ownership was applied to the 25 foundations that participated last year, investments managed by diverse-owned firms would have shown a 1% increase this year.

Of the $69 trillion in assets in the United States, only 1.4% is managed by diverse-owned firms, a 2020 study from the Diverse Asset Managers Initiative showed.