blueprint capital advisors lawsuit

has announced it will get its day in court on a longstanding federal lawsuit against BlackRock Inc. and Owl Rock Capital Corp. (now BlueOwl Capital Inc.). 769 likes. 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. The radiocentric structure of Argentina has its apex in Buenos Aires. He is a named defendant in the case, leads the investment operation and was intimately involved in the delaying of Blueprint's information requests. When seeking the NJEA endorsement Murphy said the following: "We will need, more than ever before, a governor who has a steel backbone, who is prepared to stand up and say, "No, Secretary DeVos" or "No, President Trump, you will not do that in the great state of New Jersey." SaveJersey.com's Network of Contributors keeps you up-to-date on everything worth knowing in the Garden State. 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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 . Blueprint also said the state agency retaliated against it for raising discrimination concerns. The state pension fund staff did not disclose the fund's ownership by DeVos which could be found in public records on the internet. The firm sought a 1% management fee and a 10% performance fee. So in addition to construction financing, we offer builders value-added services covering the entire development cycle. A representative in the state's attorney general office declined to give a comment to Bloomberg News. NY Common Names Interim EM Program Director, Copyright Notice: Copyright 2020 by Financial Investment News (FIN) and GRLM, 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. 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. "The Division of Law, Treasury and Investments should come forward with the requested documents. 1962(d), Count Eleven: Racketeering in Violation of N.J.S.A. 1985(Against Cliffwater and BlackRock), Count Seven: Discrimination In Violation of the New Jersey Civil Rights Act(Against McDonough, Amon, Ajmani, and Helmy in their individual capacities), Count Eight: Retaliation in Violation of the New Jersey Civil Rights Act(Against McDonough, Amon, Ajmani, and Helmy in their individual capacities), Count Nine: Racketeering Violation of 18 U.S.C. 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. 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. This month, we take our annual look at historically Black colleges and universities. A Black-owned investment firm sued New Jersey for racial bias on Tuesday, saying officials told it that the states pension was averse to hiring money-management firms owned by minorities. 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. For photocopy permission, back issues and Through its award winning monthly newsletter and resource-centric web site, Emerging Manager Monthly delivers all the industry news and intelligence emerging managers and institutional investors need to stay informed and ahead of the curve on this exciting sector of the asset management industry. 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 . If you purchase a product or register for an account through one of the links on our site, we may receive compensation. This is his second . Last Name. Blueprints FAIR program structures alternative investments through managed accounts or fund-of-one structures, the lawsuit said. We are the number one source of financing for in-fill, residential projects due to our unrivaled combination of reliability and value-added service. The letter states, "We believe that this is yet another example of the administration saying one thing for election purposes but conducting the people's business in ways completely inconsistent with those public election pledges.". No Reproduction Without Prior Authorizations. NEWARK, NJ - Less than three weeks after the State of New Jersey was named in a federal racial discrimination, retaliation and fraud lawsuit, information has once again been received regarding retaliation by the State of New Jersey against Blueprint Capital Advisors. bulk distribution needs, please contact Rob Regan at 212-627-7615 or e-mail. 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. Blueprint Capital Advisors LLC, Newark, New Jersey. The complaint also accused named defendants of conspiring to give to the plan to another firm, BlackRock Capital Investment Corporation, which is also named in the complaint. U.S. District Judge Julien Xavier Neals ruled BlackRock, the world's largest asset manager with just under $8 trillion in total assets, and BlueOwl, with about $65.7 billion in . NEWARK, N.J., March 22, 2021 /PRNewswire/ -- "Blueprint Capital Advisors stands solidly behind Pastor David Jefferson Sr. Esq.," according to Blueprint CEO Jacob Walthour, Jr. Pastor Jefferson of . This landmark case is about affording equal access and exposing the veil of inequality that exists in the asset management and financial services sector for Black Americans in New Jersey and this country.. Both BlackRock and Cliffwater also said they condemn racism and discrimination. Black-Owned Asset Manager Sues NJ Pension Fund, BlackRock for Racial Bias, Pennsylvania Fund Debates How Best to Invest in Todays Environment. Thank you! They thought it would be wise to use a Black man to lynch a Black man, thereby avoiding the appearance of it being done by Murphy, Helmy, Platkin or [State Treasurer Elizabeth] Muoio, all of whom are white, the amended complaint explains. 2C:41-2(d), Count Thirteen: Aiding And Abetting Racketeering In Violation of N.J.S.A. from 8 AM - 9 PM ET. All rights reserved. NEWARK, N.J., May 11, 2021 /PRNewswire/ -- Blueprint Capital Advisors, LLC, secured a crucial ruling in the Superior Court of New Jersey in Mercer County last week in its public records. The only publication focusing exclusively on emerging & diverse asset managers. 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. Get up-to-date investment manager search leads, industry trends and investor profiles. NY Common Names Interim EM Program Director, Copyright Notice: Copyright 2020 by Financial Investment News (FIN) and GRLM, The Staff Blueprint offers builders value-added services during the entire development lifecycle in addition to financing. The initial complaints timeline of alleged transgressions began in 2015 during the Christie Administration. 2C:41-2(c)(Against the DOI, McDonough, Rosenstock, Ajmani, Walsh, and BlackRock), Count Twelve: Racketeering in Violation of N.J.S.A. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American, FEDERAL JUDGE PERMITS RACKETEERING ALLEGATIONS BY BLACK FIRM AGAINST BLACKROCK, NEW JERSEY, AND OTHERS. The firms legal counsel, Wigdor LLP, sent a cease and desist letter on Friday, July 3 to New Jerseys counsel. McDonough also said, If the SIC knew Blueprint was a minority-owned firm, they would not approve the deal, the lawsuit said. A Black-owned firm with an innovative solution to New Jerseys pension fund crisis, was shamefully exploited by the DOIs entrenched old-boys network of political patronage and Wall Street money, said attorney Michael Bowe. Your submission has been received! Family-controlled Dillards has combined share buybacks with keeping costs down, inventory tight and staff engaged with nearly fanatical customers. Impact Press Contact. 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. LLC. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. Blueprint is aiming to get unredacted documents by taking Murphy back to court. In addition to lending, Blueprint also develops income-producing rental property for its portfolio in Seattle and Phoenix. Blueprint Capital Advisors LLC is an independent, privately held alternative investment firm focused sourcing and managing fund and direct investments in private credit and other alternative . Blueprint Capital is a leader in residential development. Your $499/year EMM subscription includes: Monthly newsletters with the most pertinent headlines of the month. 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. The conspirators did not even bother to change the purloined programs name, the complaint read. our Subscriber Agreement and by copyright law. Governor Murphy was quoted as saying, "justice delayed is justice denied" in a recent public address. Blueprint Capital Advisors (Blueprint) is New Jerseys only Black asset manager firm. OUR CLIENTS. When Blueprint protested, New Jersey officials allegedly told the company that the State wasnt a fan of doing business with Black-owned or women-owned companies. infringement subject to liability up to $100,000 per infringement. Blueprint repeatedly complained and raised objections with New Jersey through several channels that it had been the victim of unlawful discrimination because of its status as a business founded by African Americans and a woman, the complaint read. BlackRock and Cliffwater also released statements denying any wrongdoing. After months of due diligence, Blueprint learned that BlackRock had received Blueprints materials and would co-opt its FAIR program. The Newark firm said in court documents Tuesday that New Jersey's pension office "usurped" its. Practus offers thoughtful legal counsel across a range of industries and disciplines. Blueprint alleged that state agency officials had said the agency would accept Blueprint's proposal, but did a similar deal with BlackRock instead. The conspirators did not even bother to change the purloined programs name, the lawsuit said. "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. TRENTON, N.J. Blueprint Capital Advisors (Blueprint) is New Jerseys only Black asset manager firm. in any form other than as permitted by agreement with FIN is prohibited and may constitute copyright Continue reading your article witha WSJ subscription, Already a member? The plaintiff specially accuses Green and a second individual of having sent text blasts making the false and defamatory claims that [Blueprint co-founder Jacob] Walthour had been removed as Chair of the Ebony Media Holdings for insider trading, even though they knew these claims were false and had been told they were false., While Blueprint is forging new paths in the financial service sector, they should not have to contend with systemic and systematic racism from Governor Murphy and his administration, added Jay Sekulow of Constitutional Litigation and Advocacy Group (CLAG).Racial and economic justice is everyones fight and anti-racism is not only bi-partisan, it transcends politics. 1983(Against McDonough, Amon, Ajmani, and Helmy in their individual capacities), Count Six: Violation of 42 U.S.C. Blueprint Capital Advisors is one of the few U.S. investment firms founded by African-Americans. Follow @SaveJersey However, Blueprint alleges that the state's attorneys have consistently tried to prevent the release of public information in the matter of Blueprint. 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. This month, we take our annual look at historically Black colleges and universities. Market Intelligence The lawsuit also said that DOI, which oversees the state pension fund, and its consultant, Cliffwater, handed over confidential information that Blueprint had given them about its proposal to BlackRock. All rights reserved (About Us). False statements or omissions may result in denial of your application, revocation of your registration, or criminal Blueprint is Seattles largest buyer of land suitable for single family homes, townhomes and apartments. 2C:41-2(c), Count Twelve: Racketeering in Violation of N.J.S.A. Required fields are marked *. Blueprint also has failed to provide any evidence that it has to support these allegations, as is clear from the lack of evidence in their complaint, read a company statement. Blueprint officials said they transferred over 1,000 pages of information about their money management proposal to the state and participated in more than 50 phone calls and meetings with state officials. On June 23, Blueprint Capital Advisors, a Black-owned . According to the lawsuit, Blueprint had turned over to the state agency and its outside consultant Cliffwater confidential business information from meetings, emails and conference calls as part of an investment proposal. TRENTON, N.J. - Blueprint Capital Advisors (Blueprint) is New Jersey's only Black asset manager firm. The conduct of the DOI and its representatives is unlawful and inexcusable, and they must cease and desist from these and similar actions immediately. Get up-to-date investment manager search leads, industry trends and investor profiles. content Blueprint Capital Advisors LLC is a large advisory firm based in New York. Our clients receive a holistic legal perspective, efficient law management, and cost-effective solutions on complex legal matters. As they get cheaper, going electric no longer has to be a costly proposition. Batteries are the single most expensive element of an EV. 1962(c), Count Ten: Racketeering in Violation of 18 U.S.C. NextMed said most of its customers are satisfied. We have decades of local experience and a well-earned reputation as Seattles leading developer of in-fill, residential projects. Global Economies in Flux: Drive Decisions with the Purchasing Managers Index (PMI) Data, Staying Strong in Volatile Markets: How Banks Can Overcome Challenges to Funding and Lending, The Rising Importance of Sustainability in Credit Risk, 10:00 - 11:00 am EST | 4:00 - 5:00 pm CET. We recognize the systemic challenges facing minority-owned firms in our industry and are committed to promoting positive change, McCombe said. document.getElementById( "ak_js_2" ).setAttribute( "value", ( new Date() ).getTime() ); Copyright 2023 - Spotlight PR - All Rights Reserved Get in touch today. infringement subject to liability up to $100,000 per infringement. 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 was eventually hired to run money for New Jersey, but under terms that it describes as punitive.. Contact: Jennifer Farmer, jennifer@spotlightpr.org, Your email address will not be published. 24/7 unlimited online access to subscription content on the EMM site. Hear from our leadership team how our business is focused on your success. 1983, Count Seven: Discrimination In Violation of the New Jersey Civil Rights Act, Count Eight: Retaliation in Violation of the New Jersey Civil Rights Act, Count Nine: Racketeering Violation of 18 U.S.C. News, 15 West 26th Street, 4th Fl. If DOI and its officials (including, but not limited to, Mr. Amon) are somehow still ignorant (which is no excuse or defense) of the fact that Blueprints assertion of legal claims and the filing of its lawsuit are legally protected against retaliation by the Defendants, then this letter is their written notice that they must stop such conduct right now.. Ensure you aren't missing business leads that your competitors are seeing. in any form other than as permitted by agreement with FIN is prohibited and may constitute copyright Sadly, even today, a Black-owned firm like Blueprint has no voice and to get justice from the powerful Murphy Administration, Wall Streets biggest firm and one of its more influential institutional consultants. Your email address will not be published. !function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)? Blueprint and its attorneys were not surprised on Friday when Murphy's administration turned over a limited number of documents that were so heavily redacted, they could not be read. 1962(c)(Against the DOI, McDonough, Rosenstock, Dini Ajmani, BlackRock and Walsh), Count Ten: Racketeering in Violation of 18 U.S.C. 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 Capital Advisors, based in Newark, filed a federal lawsuit Tuesday against the state and six current and former state officials alleging racial discrimination, retaliation and the theft of confidential business information. In its 102-page amended complaint, the plaintiff expands upon the alleged culpability of Murphy-era figures including Chief of Staff George Helmy, former Chief Counsel Matt Platkin, and controversial Murphy appointee Derrick Green. From conversations with relevant parties, we are aware that DOI employees have contacted several clients in a transparent and retaliatory attempt to have Chicago Police pull out of its investment with Blueprint. A full list of the amended complaints causes of actions (as articulated in the plaintiffs attorneys release announcing the new filing) is posted below: Count One: Permanent Injunction Pursuant to 42 U.S.C 1983 and 1981(Against Governor Murphy, Corey Amon, Dini Ajmani, and George Helmy), Count Two: Violation of the Fifth Amendment Takings Clause(Against the DOI), Count Three: Breach of Contract(Against the DOI), Count Four: Discrimination and Retaliation in Violation of Section 1981(Against McDonough, Amon, Ajmani, Helmy in their individual capacities), Count Five: Violation of 42 U.S.C. A spokesperson for the New Jersey Treasury Department argued that the department is committed to providing opportunities for Minority and Women-owned business enterprises, and said the department will defend against the lawsuit. 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 Black-owned asset manager has accused the New Jersey Division of Investment (DOI) of favoring giant investment firm BlackRock in a competition for a contract to run state pension money. Blueprint Capital Advisors is one of the few U.S. investment firms founded by African-Americans. Blueprint also has failed to provide any evidence that it has to support these allegations, as is clear from the lack of evidence in their complaint. Slumping tech and property activity arent yet pushing the broader economy into recession. Thats why more than 150 real estate professionals know to call Blueprint if their clients have land suitable for development. 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. 'http':'https';if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+'://platform.twitter.com/widgets.js';fjs.parentNode.insertBefore(js,fjs);}}(document, 'script', 'twitter-wjs'); Follow @MattRooneyNJ 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. 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. Then, in 2016, BlackRock won the contract. Cision Distribution 888-776-0942 From project sourcing, design and permitting right through to sale, we are with our builders every step of the way. According to Blueprint, the firm was told that the State Investment Council was not a fan of investing with women and minority-owned firms.. According to the legal complaint filed on June 23, New Jersey initially promised to invest $500 million with Blueprint for its FAIR program. Helmy sent a direct message through a politically connected, Democratic party lawyer that if Blueprint didn't cease its agitation the state would terminate the company's services. In an unexpected twist today, Division of Investment Director Corey Amon resigned. Amon attempted to take matters into his own hands and contacted Blueprint's client relationships prompting the issuance of a "cease a desist letter" against him by Blueprint's attorneys. Blueprints lawsuit comes as nationwide protests over the killing of George Floyd by police in Minneapolis had put a spotlight on racial disparities in several industries, including Wall Street investment firms. Governor Murphy and his administration shouldnt say another word about what they are doing about systemic injustice before they address this injustice they are themselves perpetuating. Plaintiff Blueprint Capital Advisors, LLC ("BCA," "the Company," or "Plaintiff"), by and through its undersigned counsel, Brown Rudnick, LLP and the Constitutional Litigation Advocacy Group, P.C., hereby alleges, as and for its Amended Complaint against Blueprint currently sponsors two real estate investment trusts: Blueprint Capital Income REIT, Inc. which encompasses our lending business; and Blueprint Capital REIT, Inc. which develops our rental real estate projects.Blueprint Capital Income REIT focuses on providing stockholders with current income in the form of quarterly dividends whereas Blueprint Capital REIT seeks to provide stockholders with long-term capital appreciation through development projects. LLC. Blueprint provides construction loans for over 60 local builders in the Seattle market. We will defend this matter vigorously and believe that the claims against Cliffwater have no merit, the company said. But, this is not only a case about a past abuse, it is a case about a wrong that continues today, and will continue every day Governor Murphy does nothing. The NAACP, National Urban League, New Jersey National Action Network and Chair of the New Jersey Legislative Black Caucus have called on Murphy to investigate the matter. 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. 0. Asset manager Blueprint Capital Advisors sued New Jersey's Division of Investment and BlackRock Inc., claiming they stole confidential business information and discriminated against the. 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. Murphy's administration has stalled on document production for over 18 months. "Its time to stop delaying justice," said Walthour. It has been registered with the SEC as an adviser since 2016 and has operated in the jurisdiction of New York. Community Rules apply to all content you upload or otherwise submit to this site. Blueprint is represented by Tanvir H. Rahman, Lawrence M. Pearson, Renan F. Varghese and Taylor J. Crabill of Wigdor LLP. Blueprint is specially accusing the current administration of executing a smear campaign against it for bringing its original lawsuit. Photocopy permission is available solely through GRLM, LLC, Financial Investment Oops! It continued: We will defend this matter vigorously and believe that the claims against Cliffwater have no merit., Corporations Are Agreeing More to CalPERS Diversity Demands, Lawmakers Introduce Bill to Boost Diversity at Asset Management Firms, Diversity Not a Priority for Asset Managers, Tags: BlackRock, Blueprint Capital Advisors, Division of Investment, Governor of New Jersey, Lawsuit, New Jersey, Phil Murphy, racial discrimination, Pennsylvania Fund Debates How Best to Invest in Todays Environment, 702 King Farm Boulevard, Suite 400, Rockville, MD 20850 / +1 212-944-4455 /. Name * First Name. 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..

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