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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). 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. McCombe added: BlackRock participated in a competitive selection process run by the New Jersey State Division of Investment in 2016. Capital Advisors Group, Inc. 29 Crafts Street Suite 270 Newton, MA 02458. 02.01.23 News MassPRIM Releases Emerging, Diverse Program Report 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 . Cision Distribution 888-776-0942 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. Count One: Permanent Injunction Pursuant to 42 U.S.C 1983 and 1981, Count Two: Violation of the Fifth Amendment Takings Clause, Count Four: Discrimination and Retaliation in Violation of Section 1981, Count Five: Violation of 42 U.S.C. T30 Capital Forms Partnership With Blueprint Capital Advisors to Scale 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. Something went wrong while submitting the form. In addition to lending, Blueprint also develops income-producing rental property for its portfolio in Seattle and Phoenix. OUR CLIENTS. All Rights Reserved. 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 . 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. A major producer of soybeans, corn and wheat, Argentina is one of the world's top grains exporters, which provides crucial hard currency for the country's cash-strapped central bank. New technology and automation allow snowmakers to combat warmer, wetter winters. News | Emerging Manager Monthly 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. Approach Services Leadership Impact Press Contact Approach Services Leadership. One of the nations few Black-owned investment firms is suing New Jersey after a business proposal was rejected and an official allegedly said the states investment council is not a fan of investing with women and minority-owned firms.. Black-owned investment firm Blueprint Capital Advisors L.L.C. We will defend this matter vigorously and believe that the claims against Cliffwater have no merit, the company said. According to the legal complaint filed on June 23, New Jersey initially promised to invest $500 million with Blueprint for its FAIR program. 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. The legal action named the DOI, BlackRock, and Cliffwater as defendants. 2C:41-2(c) and (d), Count 20: Tortious Interference with Prospective Economic Advantage. Hear from our leadership team how our business is focused on your success. 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 The Secure Act 2.0 will help a lot. Black-owned firm sues after N.J. official allegedly says state is 'not Blueprint Capital Advisors is one of the few U.S. investment firms founded by African-Americans. Brown Rudnick Defeats Motion to Dismiss in Landmark Civil Rights Case 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. Finding reliable financing is only one challenge facing builders. 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.. Contact: Jennifer Farmer, jennifer@spotlightpr.org, Your email address will not be published. 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. 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. Black-Owned Asset Manager Sues NJ Pension Fund, BlackRock for Racial Bias, Pennsylvania Fund Debates How Best to Invest in Todays Environment. Murphy's administration has stalled on document production for over 18 months. 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. 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. 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. The only publication focusing exclusively on emerging & diverse asset managers. Last Name. When Blueprint repeatedly complained, the state retaliated by barring it from obtaining more work managing other investments, according to the lawsuit, which was filed by employment law firm Wigdor on Tuesday. After months of due diligence, Blueprint learned that BlackRock had received Blueprints materials and would co-opt its FAIR program. The conspirators did not even bother to change the purloined programs name, the lawsuit said. Please stay up to date with what we are up to by liking our Facebook page: Blueprint Capital Advisors LLC. From project sourcing, design and permitting right through to sale, we are with our builders every step of the way. McDonough also said, If the SIC knew Blueprint was a minority-owned firm, they would not approve the deal, the lawsuit said. 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. Blueprint Capital Advisors (BCA) is a trusted partner to sophisticated institutional investors in hedge fund and other alternative investment strategies. Your $499/year EMM subscription includes: Monthly newsletters with the most pertinent headlines of the month. Slumping tech and property activity arent yet pushing the broader economy into recession. All rights reserved. Blueprint Capital Advisors 2C:41-2(c), Count Twelve: Racketeering in Violation of N.J.S.A. SaveJersey.com's Network of Contributors keeps you up-to-date on everything worth knowing in the Garden State. 1983(Against McDonough, Amon, Ajmani, and Helmy in their individual capacities), Count Six: Violation of 42 U.S.C. "Its time to stop delaying justice," said Walthour. 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. Blueprint Lawsuit Proceeds As New Jersey CIO Resigns 1962(d)(Against the DOI, McDonough, Rosenstock, Ajmani, Walsh, and BlackRock), Count Eleven: Racketeering in Violation of N.J.S.A. bulk distribution needs, please contact Rob Regan at 212-627-7615 or e-mail. Blueprint Capital Advisors LLC | Newark NJ - Facebook 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. Impact Press Contact. 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. For photocopy permission, back issues and TRENTON, N.J. - Blueprint Capital Advisors (Blueprint) is New Jersey's only Black asset manager firm. 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. '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 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. Our 100-page detailed complaint speaks for itself and Governor Murphy should fix this before a Federal court does.. It manages $1.04 billion of regulatory assets for 3 client accounts. Blueprint advises Integral Senior Living on highly confidential and Kelly Heyboer may be reached at kheyboer@njadvancemedia.com. BlackRock Sued by Blueprint for Theft, Racial Discrimination 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. Blueprint provides construction loans for over 60 local builders in the Seattle market. But theres much more that can be done. !function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)? In a 100-page complaint filed in federal court last year, Blueprint alleges that the defendants have openly retaliated against his firm as they promised they would if he pursued litigation to resolve the matter. This copy is for your personal, non-commercial use only. 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. Blueprint Capital Advisors, one of the few investment firms founded by an African American executive, charged in a lawsuit that DOI officials told its CEO, Jacob Walthour Jr., that the agency had "an aversion" to choosing a Black- or female-owned money management firm. This month, we take our annual look at historically Black colleges and universities. Blueprint is aiming to get unredacted documents by taking Murphy back to court. Billed as a glimpse into Teslas future, Investor Day was used as an opportunity to spotlight the companys leadership bench. New Jersey, BlackRock Sued for Alleged Discrimination and Theft 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 . 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."