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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. 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 /. Blueprint Capital heading to court in $100M lawsuit on racketeering Blueprint Capital 2023. 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. In separate statements, all three defendants denied the charges from Blueprint. Blueprint Capital Advisors is one of the few U.S. investment firms founded by African-Americans. 1962(d), Count Eleven: Racketeering in Violation of N.J.S.A. We will defend this matter vigorously and believe that the claims against Cliffwater have no merit, the company said. "Its time to stop delaying justice," said Walthour. BlackRock released a statement saying its own internal review of how it landed the job overseeing the FAIR investment strategy for New Jersey showed the firm did nothing wrong. News | Emerging Manager Monthly 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 initial complaints timeline of alleged transgressions began in 2015 during the Christie Administration. Sadly, the treatment of Blueprint is indicative of how things really go down when no one is looking, said Walthour, the companys co-founder. 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. Ensure you aren't missing business leads that your competitors are seeing. New Jersey, BlackRock Sued for Alleged Discrimination and Theft You're welcome! Get started by completing the form below and a member of our team will follow up with you. Chris Christies administration, when Blueprint developed a proposal, called FAIR, that detailed a new investment strategy for the state pension fund that the firm said would save New Jersey money on high fees charged by hedge funds. 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. 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. Primary Business Name: BLUEPRINT CAPITAL ADVISORS LLC CRD Number: 282327 Other-Than-Annual Amendment - All Sections Rev. 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. 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." Finding reliable financing is only one challenge facing builders. News, 15 West 26th Street, 4th Fl. The Black-owned New Jersey firm sued the state's division of investments, its outside consultant Cliffwater and BlackRock for alleged racial discrimination and theft of confidential business information. BlackRock Sued by Blueprint for Theft, Racial Discrimination Practus, LLP Virtual Law | A Law Practice with a New Perspective The firm sought a 1% management fee and a 10% performance fee. 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. Trump Atty Joins Race Bias Suit Against BlackRock, NJ Distribution and use of this material are governed by Your $499/year EMM subscription includes: Monthly newsletters with the most pertinent headlines of the month. 45 Academy Street, Suite 205 Newark, NJ 07102 . There is an entrenched good old boys network in Trenton and the DOI that has never worked to the benefit of minorities or women.. 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 lawsuit against Governor Phil Murphy's administration when Superior Court Judge Mary Jacobson ordered the administration to produce documents no later than May 7, 2021. Copying, photocopying or duplicating this publication infringement subject to liability up to $100,000 per infringement. 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. 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 (BCA) is a trusted partner to sophisticated institutional investors in hedge fund and other alternative investment strategies. Blueprint offers builders value-added services during the entire development lifecycle in addition to financing. New York, NY 10010. Blueprint Sues; Judge Compels Gov. Murphy to Release Public - Benzinga 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. TRENTON, N.J. - Blueprint Capital Advisors (Blueprint) is New Jersey's only Black asset manager firm. McDonough also said, If the SIC knew Blueprint was a minority-owned firm, they would not approve the deal, the lawsuit said. Email . For Immediate Release. 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. 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. 1962(c), Count Ten: Racketeering in Violation of 18 U.S.C. Billed as a glimpse into Teslas future, Investor Day was used as an opportunity to spotlight the companys leadership bench. 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., BlackRock also strongly denied the charges and said that a review of the allegations from within the asset manager and from outside counsel foundnothing inconsistent with our standards nor anything suggesting any wrongdoing by BlackRock.. Buenos Aires Capital City of Argentina SurdelSurAR 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. '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'); (adsbygoogle = window.adsbygoogle || []).push({}); Copyright 2023 | WordPress Theme by MH Themes. 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. Photocopy permission is available solely through GRLM, LLC, Financial Investment Moving Forward with Blueprint Capital - Issuu Blueprint Capital Advisors (Blueprint) is New Jerseys only Black asset manager firm. The company has been scrutinized over fake reviews and criticized by customers who had trouble getting refunds. Blueprint Capital Advisors Gets Court Date In NJ DOI Lawsuit Emerging manager reports including quarterly performance and annual manager-of-manager supplement. All Rights Reserved. and have provided over $2 billion in construction financing. At one point, though, Blueprint said DOI had promised that the state agency would be investing $500 million in pension money with the Black-run investment operation and that approval was a formality. Blueprint Capital Advisors Your submission has been received! The investment firm is also suing Wall Street giant BlackRock, a money management firm that the state ultimately hired, and Cliffwater, a consulting firm that advised the state on the deal. News, 15 West 26th Street, 4th Fl. Are Defined Benefit Pension Funds Still Useful Recruiting, Retention Tools? The build-to-rent communities we develop generally have upwards of 300 units and combine the convenience of renting with the perks of a single-family home. 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. It manages $1.04 billion of regulatory assets for 3 client accounts. 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. 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. From project sourcing, design and permitting right through to sale, we are with our builders every step of the way. Blueprint is aiming to get unredacted documents by taking Murphy back to court. Nationally Syndicated Talk Show Host Roland Martin Headlines Racial and 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. 2023 Advance Local Media LLC. We have investigated the allegations made by Blueprint and have found no evidence whatsoever. The only publication focusing exclusively on emerging & diverse asset managers. 1962(c)(Against the DOI, McDonough, Rosenstock, Dini Ajmani, BlackRock and Walsh), Count Ten: Racketeering in Violation of 18 U.S.C. 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. New Jersey's only black-owned asset manager adds Murphy, top aides to After months of due diligence, Blueprint learned that BlackRock had received Blueprints materials and would co-opt its FAIR program. esgSubNav, Discover more about S&P Globals offerings. 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. Blueprint Capital Advisors In an unexpected twist today, Division of Investment Director Corey Amon resigned. All rights reserved. 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? 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.
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