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. Finding reliable financing is only one challenge facing builders. Get up-to-date investment manager search leads, industry trends and investor profiles. 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. Blueprint Capital Advisors (BCA) is a trusted partner to sophisticated institutional investors in hedge fund and other alternative investment strategies. Since 2009, we have developed. Practus, LLP Virtual Law | A Law Practice with a New Perspective Black-Owned Asset Manager Sues NJ Pension Fund, BlackRock for Racial 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 /. 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. According to Blueprint, the firm was told that the State Investment Council was not a fan of investing with women and minority-owned firms.. All rights reserved. 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. 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. 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 It was necessary to file this complaint in a court of law, said Jacob Walthour Jr., Blueprints co-founder and CEO. 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.. 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 . Blueprint offers builders value-added services during the entire development lifecycle in addition to financing. Blueprint Capital Advisors LLC, Newark, New Jersey. Argentine farmers protest tax, currency policies as drought weighs Primary Business Name: BLUEPRINT CAPITAL ADVISORS LLC CRD Number: 282327 Other-Than-Annual Amendment - All Sections Rev. Family-controlled Dillards has combined share buybacks with keeping costs down, inventory tight and staff engaged with nearly fanatical customers. 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. 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. Weve built Blueprint specifically to help independent, merchant builders be more successful. Our lending model is unique by design. The Newark firm said in court documents Tuesday that New Jersey's pension office "usurped" its. 1962(c), Count Ten: Racketeering in Violation of 18 U.S.C. Governor Murphy was quoted as saying, "justice delayed is justice denied" in a recent public address. Blueprint Sues; Judge Compels Gov. Murphy to Release Public Documents State Sen. Ron Rice, D-Essex, called on the Murphy Administration to launch a formal investigation of Blueprints claims of racial discrimination. Your email address will not be published. The letter was penned by well-respected litigator, Michael Bowe, partner of Brown Rudnick and Blueprint's legal counsel. "The Division of Law, Treasury and Investments should come forward with the requested documents. 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. New Jersey DOI v Blueprint Capital Advisors - PR New York NY BlackRock and Cliffwater also released statements denying any wrongdoing. /marketintelligence/en/news-insights/latest-news-headlines/blueprint-capital-advisors-sues-new-jersey-2-firms-for-bias-theft-8211-bloomberg-59174740 Blueprint Capital Advisors LLC | Newark NJ - Facebook 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. Murphy's administration has stalled on document production for over 18 months. and have provided over $2 billion in construction financing. Blueprint Capital Advisors Our journalism needs your support. We have decades of local experience and a well-earned reputation as Seattles leading developer of in-fill, residential projects. 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.. 1962(d)(Against the DOI, McDonough, Rosenstock, Ajmani, Walsh, and BlackRock), Count Eleven: Racketeering in Violation of N.J.S.A. Both BlackRock and Cliffwater also said they condemn racism and discrimination. The Biden administration is preparing a new program that could prohibit American investment in certain sectors in China, a step to guard U.S. technological advantages amid a growing competition between the worlds two largest economies. 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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. T30 Capital Forms Partnership With Blueprint Capital Advisors to Scale The firm was founded on the premise of "We are different - we care about people and profit." All rights reserved. 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 . November 25, 2020 5 min read The Staff. 1962(c)(Against the DOI, McDonough, Rosenstock, Dini Ajmani, BlackRock and Walsh), Count Ten: Racketeering in Violation of 18 U.S.C. document.getElementById( "ak_js_2" ).setAttribute( "value", ( new Date() ).getTime() ); Copyright 2023 - Spotlight PR - All Rights Reserved Rising costs and a shortage of workers are pushing the Southwest-style restaurant chain to do more with less. Blueprint brought FAIR, its highly researched investment tool, to the State of New Jersey. Blueprint advises Integral Senior Living on highly confidential and It manages $1.04 billion of regulatory assets for 3 client accounts. SaveJersey.com's Network of Contributors keeps you up-to-date on everything worth knowing in the Garden State. The conspirators did not even bother to change the purloined programs name, the lawsuit said. He is a named defendant in the case, leads the investment operation and was intimately involved in the delaying of Blueprint's information requests. 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. 2C:41-2(d), Count Thirteen: Aiding And Abetting Racketeering In Violation of N.J.S.A. "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. New York, NY 10010. The initial complaints timeline of alleged transgressions began in 2015 during the Christie Administration. 2021 Capital Advisors Group Terms of UseDisclosures, Stefan Spazek, EVP - Director of Debt Placement, Capital Advisors Group Insured Liquidity Account. bulk distribution needs, please contact Rob Regan at 212-627-7615 or e-mail. Capital Advisors Group, Inc. | Insight. Independence. Focus. Black-Owned Asset Manager Sues NJ Pension Fund, BlackRock for Racial Bias, Pennsylvania Fund Debates How Best to Invest in Todays Environment. Impact Press Contact. 1983(Against McDonough, Amon, Ajmani, and Helmy in their individual capacities), Count Six: Violation of 42 U.S.C. The conduct of the DOI and its representatives is unlawful and inexcusable, and they must cease and desist from these and similar actions immediately. '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. Blueprint was founded in 2015 by Black investment professionals Jacob Walthour and Carrie Pickett. 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. 0. Prominent New Jersey Pastor Slams National and NJ Democrats for Photocopy permission is available solely through GRLM, LLC, Financial Investment New Jersey headquarter. latest-news-headlines 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. It has been registered with the SEC as an adviser since 2016 and has operated in the jurisdiction of New York. Please subscribe today to NJ.com. When typing in this field, a list of search results will appear and be automatically updated as you type. Blueprint was then met with extreme retaliation by New Jersey state officials who allegedly threatened to redeem their other business with Blueprint, if Blueprint continued to question the decision to co-opt Blueprints FAIR program. Buenos Aires Capital City of Argentina SurdelSurAR Main: (617) 630-8100 Operations: (973) 808-0869 info@capitaladvisors.com. PDF United States District Court District of New Jersey The Staff 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. The company has been scrutinized over fake reviews and criticized by customers who had trouble getting refunds. What happened to Blueprint and Mr. Walthour, over the course of the last four years, appears to be a modern-day lynching and is a stain and a black eye on the State of New Jersey, Rice said. 769 likes. Blueprint Lawsuit Proceeds As New Jersey CIO Resigns Blueprint Capital Advisors NEWARK, N.J., Oct. 26, 2021 /PRNewswire/ -- Blueprint Capital Advisors CEO & Co-Founder Jacob Walthour, Jr. has been named to ROI NJ's People of Color Influencers for 2021. 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.. Copyright 2023 Asset International, Inc. All Rights Reserved. The Department of the Treasury Division of Investment (Division) unequivocally denies all of Blueprints material allegations and will defend the case vigorously, read the statement. 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. Then, in 2016, BlackRock won the contract. 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. New Jersey, BlackRock Sued for Alleged Discrimination and Theft Oops! 2023 Advance Local Media LLC. A representative in the state's attorney general office declined to give a comment to Bloomberg News. Blueprint is represented by Tanvir H. Rahman, Lawrence M. Pearson, Renan F. Varghese and Taylor J. Crabill of Wigdor LLP. But theres much more that can be done. As they get cheaper, going electric no longer has to be a costly proposition. infringement subject to liability up to $100,000 per infringement. 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. LLC. Market Intelligence New Jersey's only black-owned asset manager adds Murphy, top aides to This is his second . Designed and Managed by Loebig Ink. All rights reserved (About Us). A link to the full lawsuit is here, and media coverage on the case can be found here. According to the legal complaint filed on June 23, New Jersey initially promised to invest $500 million with Blueprint for its FAIR program. Please stay up to date with what we are up to by liking our Facebook page: Blueprint Capital Advisors LLC. 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 . 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. Blueprint Capital Advisors sues New Jersey, 2 firms for bias, theft Newark, N.J.-based asset management firm Blueprint Capital Advisors LLC sued the State of New Jersey Division of Investment, investment consultant Cliffwater LLC and New York-based BlackRock Inc. for alleged racial discrimination and theft of confidential business information, Bloomberg News reported June 23, citing a complaint filed in federal court in New Jersey. Your submission has been received! Email . 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. BlackRock Sued by Blueprint for Theft, Racial Discrimination 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 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. YouTubes privacy policy is available here and YouTubes terms of service is available here. 2C:41-2(c), Count Twelve: Racketeering in Violation of N.J.S.A. 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. Our clients receive a holistic legal perspective, efficient law management, and cost-effective solutions on complex legal matters. 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.. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved, 50% off + free delivery on any order with DoorDash promo code, 60% off running shoes and apparel at Nike without a promo code, Score up to 50% off Nintendo Switch video games with GameStop coupon code. LLC. 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.