blueprint capital advisors lawsuit

The only publication focusing exclusively on emerging & diverse asset managers. 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. With our. Community Rules apply to all content you upload or otherwise submit to this site. Our clients receive a holistic legal perspective, efficient law management, and cost-effective solutions on complex legal matters. Blueprint provides construction loans for over 60 local builders in the Seattle market. 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. bulk distribution needs, please contact Rob Regan at 212-627-7615 or e-mail. 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. 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. Required fields are marked *. The DOI and Cliffwater allegedly conspired to give information that was part of Blueprints proprietary alternative investment program to BlackRock, which unlawfully replicated the program. 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. 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. Whether youre a real estate agent, a builder, or an investor, Blueprint can help. 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. We will defend this matter vigorously and believe that the claims against Cliffwater have no merit, the company said. Blueprint is represented by Tanvir H. Rahman, Lawrence M. Pearson, Renan F. Varghese and Taylor J. Crabill of Wigdor LLP. esgSubNav, Discover more about S&P Globals offerings. We have investigated the allegations made by Blueprint and have found no evidence whatsoever. 1983(Against McDonough, Amon, Ajmani, and Helmy in their individual capacities), Count Six: Violation of 42 U.S.C. and have provided over $2 billion in construction financing. 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. 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. Blueprints FAIR program structures alternative investments through managed accounts or fund-of-one structures, the lawsuit said. We have decades of local experience and a well-earned reputation as Seattles leading developer of in-fill, residential projects. 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. So in addition to construction financing, we offer builders value-added services covering the entire development cycle. 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. TRENTON, N.J. Blueprint Capital Advisors (Blueprint) is New Jerseys only Black asset manager firm. Those complaints fell on deaf ears, the suit continued. 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. NEWARK, N.J., Jan. 30, 2023 /PRNewswire/ -- Newark, New Jersey -based Blueprint Capital Advisors, the prominent Black-owned asset manager with $1.6 billion in assets, announced today it will. But theres much more that can be done. 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. 1962(c)(Against the DOI, McDonough, Rosenstock, Dini Ajmani, BlackRock and Walsh), Count Ten: Racketeering in Violation of 18 U.S.C. Get in touch today. Get up-to-date investment manager search leads, industry trends and investor profiles. 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. from 8 AM - 9 PM ET. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. False statements or omissions may result in denial of your application, revocation of your registration, or criminal 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 allegations again certain defendants. Then, in 2016, BlackRock won the contract. https://www.wsj.com/articles/black-owned-investment-firm-sues-new-jersey-for-racial-bias-11592957026. In addition to lending, Blueprint also develops income-producing rental property for its portfolio in Seattle and Phoenix. November 25, 2020 In an unexpected twist today, Division of Investment Director Corey Amon resigned. All rights reserved. BlackRock and Cliffwater also released statements denying any wrongdoing. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. OUR CLIENTS. 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. 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 . "Its time to stop delaying justice," said Walthour. "The Division of Law, Treasury and Investments should come forward with the requested documents. For Immediate Release. Blueprint Capital Advisors is one of the few U.S. investment firms founded by African-Americans. 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. 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.. Batteries are the single most expensive element of an EV. 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. Uncategorized 2023 Advance Local Media LLC. '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 Ohio STRS Loses 9.52% in 2022, Board Rejects Neville Vote of Confidence, Stocks, BondsHah! For photocopy permission, back issues and This month, we take our annual look at historically Black colleges and universities. infringement subject to liability up to $100,000 per infringement. 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. YouTubes privacy policy is available here and YouTubes terms of service is available here. Thats why more than 150 real estate professionals know to call Blueprint if their clients have land suitable for development. 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. He is a named defendant in the case, leads the investment operation and was intimately involved in the delaying of Blueprint's information requests. 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. Slumping tech and property activity arent yet pushing the broader economy into recession. 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 firm sought a 1% management fee and a 10% performance fee. Our lending model is unique by design. Buenos Aires is the capital city of Argentina and is located in the province of Buenos Aires. 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. Ensure you aren't missing business leads that your competitors are seeing. Main: (617) 630-8100 Operations: (973) 808-0869 info@capitaladvisors.com. 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 All rights reserved (About Us). 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 legal action named the DOI, BlackRock, and Cliffwater as defendants. Nor have we found any evidence that BlackRock improperly received any materials or other information regarding Blueprints plans or proposal as alleged, said Mark McCombe, BlackRocks chief client officer. When typing in this field, a list of search results will appear and be automatically updated as you type. You're welcome! LLC. 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. 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. 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. Thank you! But their proposal was never recommended to the State Investment Council, the government group that oversees state investments, the lawsuit said. 0. McCombe added: BlackRock participated in a competitive selection process run by the New Jersey State Division of Investment in 2016. After months of due diligence, Blueprint learned that BlackRock had received Blueprints materials and would co-opt its FAIR program. Are Defined Benefit Pension Funds Still Useful Recruiting, Retention Tools? According to the legal complaint filed on June 23, New Jersey initially promised to invest $500 million with Blueprint for its FAIR program. GCM Grosvenor Looks To Elevate Emerging, Diverse PE Firms, Emerging Mgrs. '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. Walthour remains adamant that the State of New Jersey Division of Investment allegedly stole proprietary information and trade secrets and gave the information to Larry Fink's BlackRock Alternative Advisors. Please stay up to date with what we are up to by liking our Facebook page: Blueprint Capital Advisors LLC. Rising costs and a shortage of workers are pushing the Southwest-style restaurant chain to do more with less. Attorney Lawrence M. Pearson of Wigdor LLP, wrote in the Cease and Desist letter: It has come to our attention that senior officials with New Jerseys Division of Investment (the DOI), including DOI Director Corey Amon, have been contacting Blueprints other investors for the purpose of tortiously interfering with the Companys business relationships. Blueprint Capital Advisors is one of the few U.S. investment firms founded by African-Americans. Blueprint was eventually hired to run money for New Jersey, but under terms that it describes as punitive.. Our journalism needs your support. It has been registered with the SEC as an adviser since 2016 and has operated in the jurisdiction of New York. 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. McDonough also said, If the SIC knew Blueprint was a minority-owned firm, they would not approve the deal, the lawsuit said.