The parent companies of brands such as Coach, Kate Spade, Versace and Michael Kors decided not to proceed with a court battle.

The proposed merger that would've combined six luxury brands owned by Capri and Tapestry was abandoned by the companies due to regulatory challenges posed by an FTC lawsuit.

Fashion companies Capri Holdings Limited and Tapestry -- parent companies behind the Coach and Michael Kors brands -- ended their $8.5 billion merger deal Thursday. The deal was blocked by the Federal Trade Commission.

A federal judge ruled Wednesday that a Federal Trade Commission lawsuit accusing Facebook owner Meta of holding an illegal monopoly over social media can proceed to trial, handing the agency a victory after previous setbacks in making its case in court.

Meta Platforms Inc. will face a scaled-back antitrust trial over its alleged dominance of social networking after a federal judge threw out some allegations by the US Federal Trade Commission.