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

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.

Tapestry is terminating its $8.5 billion deal to buy Michael Kors-owner Capri following a legal hurdle, the companies said on Thursday, ending their effort to create a U.S. luxury giant to compete with major European players.

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.

In a statement to The Verge, Meta spokesperson Christopher Sgro said the company is “confident” the trial will show its acquisitions of Instagram and WhatsApp were “good”

A judge largely denied Meta's motion to end the case filed against Facebook in 2020 alleging that the company acted illegally to maintain its social network monopoly.