News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. Wilshire Lays Out a Broader Asset Allocation, Kentucky Retirement System Trustees Say It Is Not Subject to State's Anti-ESG Law, Ohio State Pension Approves New Asset Allocation. Sadly, the treatment of Blueprint is indicative of how things really go down when no one is looking, said Walthour, the companys co-founder. Email . The Newark firm said in court documents Tuesday that New Jerseys pension office usurped its ideas and hired money-management giant BlackRock Inc. to run Blueprints strategy. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); You have a question, and we have an answer.Your answer is only a click away. Brown Rudnick achieved a landmark victory for Blueprint Capital Advisors when a New Jersey federal judge ruled that the state's only African-American-owned capital asset manager can proceed with its lawsuit against numerous New Jersey officials, BlackRock Capital Advisors, Cliffwater, and Owl Rock Capital. Located at the entrance to the Ro de la Plata estuary, the widest in the world, it has a privileged geopolitical situation among the rest of the country's cities. 769 likes. BlackRock, Inc. BLK and New Jersey's Division of Investment ("DOI") have been sued by Blueprint Capital Advisors for stealing confidential business information and discriminating against the. GCM Grosvenor Looks To Elevate Emerging, Diverse PE Firms, Emerging Mgrs. Our 100-page detailed complaint speaks for itself and Governor Murphy should fix this before a Federal court does.. from 8 AM - 9 PM ET. But theres much more that can be done. The company has been scrutinized over fake reviews and criticized by customers who had trouble getting refunds. BlackRock had no knowledge of what, if any, discussions Blueprint might have had with New Jersey prior to approaching us this year threatening a lawsuit, nearly four years after the New Jersey mandate was awarded to BlackRock.. The state pension fund staff did not disclose the fund's ownership by DeVos which could be found in public records on the internet. Our projects generally have fewer than 100 units with rent levels targeted at people making 60-80% of the area median income, which is a common definition of affordable workforce housing.Our real estate development activities in the Phoenix area are focused on urban multi-family and build-to-rent communities. We recognize the systemic challenges facing minority-owned firms in our industry and are committed to promoting positive change, McCombe said. Instead, state officials and Cliffwater, a New York-based firm advising the state, gave the information on the FAIR program to BlackRock, the lawsuit said. African American-owned hedge fund-of-funds Blueprint Capital Advisors is claiming that documents turned over by the New Jersey State Treasury and Division of Investment were "so heavily redacted, they could not be read," as the firm's lawsuit against the state for racial bias and alleged stealing of proprietary information continues. New Jersey-based Blueprint Capital Advisors' lawsuit, filed in Newark on Tuesday June 23, states that in 2016 it handed over one thousand of pages of 'confidential information and trade secrets' to the DOI and its due diligence group Cliffwater LLC as part of a negotiation to secure a $500m alternative investment mandate. More Local News to Love Start today for 50% off Expires 3/6/23, Kelly Heyboer | NJ Advance Media for NJ.com, racial discrimination, retaliation and the theft, McDonough, who stepped down from his state post in 2018. Use of and/or registration on any portion of this site constitutes acceptance of our User Agreement, Privacy Policy and Cookie Statement, and Your Privacy Choices and Rights (each updated 1/26/2023). !function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)? After months of due diligence, Blueprint learned that BlackRock had received Blueprints materials and would co-opt its FAIR program. In one instance, a Murphy aid summoned Walthour to a New Jersey diner and explained that "Phil is going to win re-election and then people like you will be in the doghouse for like 6 years," explained the aid. We specialize in servicing institutional investors and wealthy families through discretionary and investment advisory services. bulk distribution needs, please contact Rob Regan at 212-627-7615 or e-mail. The legal action named the DOI, BlackRock, and Cliffwater as defendants. Scroll . A review of Blueprints allegations by BlackRock and an outside law firm has found nothing inconsistent with our standards nor anything suggesting any wrongdoing by BlackRock. Blueprint Capital Advisors brought a racial discrimination, theft, fraud and racketeering lawsuit against the state of New Jersey and Larry Fink's Blackrock, OwlRock LLC and Cliffwater LLC. Your email address will not be published. In 2015, Jacob co-founded Blueprint Capital Advisors which became one of the fastest growing Black-owned asset management firms in the nation and today oversees in excess of $1 billion on behalf of wealthy individuals and institutional investors. in any form other than as permitted by agreement with FIN is prohibited and may constitute copyright In a statement, the state Department of the Treasury denied it discriminates against minority-owned firms and said it has several programs and initiatives to reach out to minority- and women-owned businesses and fund managers. "We decided to pursue our case in court because we want truth and justice and we believe in holding people accountable for their promises," said Walthour. Finding reliable financing is only one challenge facing builders. The firm was founded on the premise of "We are different - we care about people and profit." Designed and Managed by Loebig Ink. The initial complaints timeline of alleged transgressions began in 2015 during the Christie Administration. We are the number one source of financing for in-fill, residential projects due to our unrivaled combination of reliability and value-added service. We have investigated the allegations made by Blueprint and have found no evidence whatsoever. November 25, 2020 5 min read The Staff. Whether you are interested in selling your land to Blueprint, connecting about development services, or just reaching out to say hi, please complete the form below: Do you have land you think Blueprint would be interested in? 2C:41-2(c) and (d)(Against Cliffwater and Owl Rock), Count 14: Fraud(Against McDonough, MacDonald, Rosenstock, Amon, Cliffwater, and Walsh), Count 15: Aiding and Abetting Fraud(Against BlackRock and Owl Rock), Count 16: Unfair Competition(Against BlackRock, Cliffwater, and Owl Rock), Count 17: Breach of Contract(Against Cliffwater), Count 18: Breach of Contract(Against Walsh), Count 19: Breach of Fiduciary Duty(Against Walsh), Count 20: Tortious Interference with Prospective Economic Advantage(Against McDonough, MacDonald, Rosenstock, Amon, Ajmani, Greene and Platkin in theirindividual capacities), Count 21: Commercial Disparagement(Against Rosenstock, Green, Platkin, and Cliffwater), Count 22: Civil Conspiracy(Against McDonough, MacDonald, Rosenstock, Amon, Ajmani, Cliffwater, Walsh, and OwlRock), Murphy abandons travel advisory metrics, warns N.J. to avoid interstate travel this Thanksgiving. No Reproduction Without Prior Authorizations. On June 23, Blueprint Capital Advisors, a Black-owned asset management firm, sued the state of New Jersey, BlackRock Alternative Advisors and Cliffwater LLC alleging racial discrimination, retaliation and fraud. The conspirators did not even bother to change the purloined programs name, the lawsuit said. Murphy's administration has stalled on document production for over 18 months. We are the number one source of financing for in-fill, residential projects due to our unrivaled combination of reliability and value-added service. document.getElementById( "ak_js_2" ).setAttribute( "value", ( new Date() ).getTime() ); Copyright 2023 - Spotlight PR - All Rights Reserved When Blueprint officials questioned why they were not hired, Christopher McDonough, the then-director of the states Division of Investment, said the State Investment Council was not a fan of investing with women and minority-owned firms, the lawsuit said. With our. But slowing profits in other sectors and rising interest rates are warning signs. It has been registered with the SEC as an adviser since 2016 and has operated in the jurisdiction of New York. 24/7 unlimited online access to subscription content on the EMM site. Blueprint was later hired to manage some of the states investments, though the lawsuit said the terms were punitive and retaliatory compared to the deals other money managers were offered and the firm made far less than it was originally expecting. Cliffwater dismissed the charges as having "no merit," and BlackRock denied wrongdoing on the matter or having any knowledge about Blueprint's prior talks with the state, Bloomberg News reported, citing statements from the firms. Are Defined Benefit Pension Funds Still Useful Recruiting, Retention Tools? Batteries are the single most expensive element of an EV. News, 15 West 26th Street, 4th Fl. McCombe added: BlackRock participated in a competitive selection process run by the New Jersey State Division of Investment in 2016. The case is Blueprint Capital Advisors LLC v. State of New Jersey, Department of the Treasury, Division of Investment et al., case number 2:20-cv-07663 , in the U.S. District Court for the . Blueprint was founded in 2015 by Black investment professionals Jacob Walthour and Carrie Pickett. 2C:41-2(d)(Against the DOI, McDonough, Rosenstock, Ajmani, Walsh and BlackRock), Count Thirteen: Aiding And Abetting Racketeering In Violation of N.J.S.A. Blueprint offers builders value-added services during the entire development lifecycle in addition to financing. Primary Business Name: BLUEPRINT CAPITAL ADVISORS LLC CRD Number: 282327 Other-Than-Annual Amendment - All Sections Rev. TRENTON, N.J. Blueprint Capital Advisors (Blueprint) is New Jerseys only Black asset manager firm. 1983(Against McDonough, Amon, Ajmani, and Helmy in their individual capacities), Count Six: Violation of 42 U.S.C. We've built Blueprint specifically to help independent, merchant builders be more successful. Blueprint alleges pension staff made efforts to block it from investing state money and turned against the firm after it spoke up about being treated unfairly. Blueprint Capital Advisors LLC, Newark, New Jersey. On Monday, the investment firm amended its summer 2020 discrimination complaint against the State of New Jersey to add the Governor, some of his top aides, and even bombshell federal racketeering . Until Freedom to Host Direct Action Urging Louisville Police to Arrest the Cops Who Killed Breonna Taylor, RACE FORWARD COMMENDS BIDEN ADMINISTRATION ON RELEASE OF SECOND HISTORIC RACIAL EQUITY EXECUTIVE ORDER, Ahead of the 2023 State of the Union, Race Forward Urged President Biden to Continue Leaning into Commitment to Advance Racial Equity, In his 2023 State of the Union Address, Advocates Want to Hear How President Biden Will Expand Voting Rights, Address Unfair and Inequitable Redistricting Maps, Black Southern Womens Collaborative Member in Memphis: We Will Not Go Back to the Same Oppressive Systems. Blueprint, through our sponsored real estate investment trusts, provides construction financing to independent in-fill builders and develops income producing property for long-term value. Billed as a glimpse into Teslas future, Investor Day was used as an opportunity to spotlight the companys leadership bench. It accused members of New Jerseys Division of Investment of a hatching a conspiracy to steal a plan devised by Blueprint to reduce the states pension investment fees. Something went wrong while submitting the form. Our clients receive a holistic legal perspective, efficient law management, and cost-effective solutions on complex legal matters. Blueprint Capital Advisors Gets Court Date In NJ DOI Lawsuit Black-owned asset manager Blueprint Capital Advisors will get a court date in a longstanding federal lawsuit filed against the New Jersey Division of Investment and others. Education Blueprint Capital Advisors We've Come Too Far to Turn Back NowEducation Blueprint Capital Advisors We've Come Too Far to Turn Back Now By Peppur Chambers By Peppur Chambers the art . The department maintains that there is no factual basis for Blueprints allegations and the claims of racial discrimination, retaliation and misappropriation of proprietary information are without merit, the statement said. Blueprint Capital Advisors sues New Jersey, 2 firms for bias, theft Bloomberg, Banking Essentials Newsletter: Feb 22nd Edition, Wells Fargo Securities Now Available in S&P Globals Aftermarket Research Collection, According to Market Intelligence, February 2023, A Central Bank Gains Market Intelligence to Support its Supervision and Stability Roles. McDonough, who stepped down from his state post in 2018 to work for a consulting firm, did not immediately respond to a request to comment on the lawsuit. Nor have we found any evidence that BlackRock improperly received any materials or other information regarding Blueprints plans or proposal as alleged, Mark McCombe, senior managing director and chief client officer at the firm, said in the statement. Black-owned asset manager Blueprint Capital Advisors will get a court date in a longstanding federal lawsuit filed against the New Jersey Division of Investment and others. https://www.wsj.com/articles/black-owned-investment-firm-sues-new-jersey-for-racial-bias-11592957026. 1962(c), Count Ten: Racketeering in Violation of 18 U.S.C. Now, Blueprint received information from a credible source regarding what appears to be attempts to tortiously interfere with Blueprints business dealings, allegedly calling the firms clients with the intent of getting them to terminate or reduce their relationship with Blueprint. A representative in the state's attorney general office declined to give a comment to Bloomberg News.

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