Binary Capital co-founders Jonathan Teo and Justin Caldbeck. Image: Axios visuals.

Lerer Hippeau has agreed to assume management of a $125 million venture capital fund raised and invested by Binary Capital, around nine months after the firm imploded over allegations of sexual harassment against co-founder Justin Caldbeck, according to multiple sources.

Why it matters: Startups backed by Binary no longer have a disreputable manager on their cap tables.

New York-based LV has has some experience in this sort of thing, having assumed management of the SoftBank Ventures portfolio in 2015. It also may become the general partner of Binary's second fund, which has far fewer portfolio companies than its first, but those discussions remain ongoing.

The firm, which has several limited partners in common with Binary and also is an investor in Axios, declined comment.

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21 mins ago - World

Europe faces "stronger and deadlier" coronavirus wave

Paris under curfew. Photo: Kiran Ridley/Getty Images

The coronavirus is still winning: Now even Germany is entering another national lockdown, joined by France.

Why it matters: France has been "overpowered by a second wave,” President Emmanuel Macron said in a nationally televised address today. Macron said the "new wave will be stronger and deadlier" than the first.

Stocks close down more than 3%

Photo: Alexi Rosenfeld via Getty Images

Stocks took a hit on Wednesday, with the S&P 500, Dow Jones Industrials Average and Nasdaq dropping more than 3% across the board.

Why it matters: The volatility is a break from the stock market grinding higher in the face of spiking coronavirus cases, a stalling economy and gridlocked negotiations over an additional stimulus package.