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.. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. 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. BlackRock Sued by Blueprint for Theft, Racial Discrimination Blueprint provides construction loans for over 60 local builders in the Seattle market. 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. 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. 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. PDF United States District Court District of New Jersey 2023 Advance Local Media LLC. 2C:41-2(c), Count Twelve: Racketeering in Violation of N.J.S.A. 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. 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 . The only publication focusing exclusively on emerging & diverse asset managers. At its founding, Blueprint developed an innovative investment tool to save public pension funds millions on fees paid to money managers. 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. 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. All rights reserved (About Us). Blueprint Capital Advisors LLC is a large advisory firm based in New York. Nor have we found any evidence that BlackRock improperly received any materials or other information regarding Blueprints plans or proposal as alleged, Mark McCombe, senior managing director and chief client officer at the firm, said in the statement. Blueprint is specially accusing the current administration of executing a smear campaign against it for bringing its original lawsuit. 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 Lawsuit Proceeds As New Jersey CIO Resigns 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.". Black-owned investment firm Blueprint Capital Advisors L.L.C. Your email address will not be published. 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. Copyright 2023 Asset International, Inc. All Rights Reserved. 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 . 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. 1962(d)(Against the DOI, McDonough, Rosenstock, Ajmani, Walsh, and BlackRock), Count Eleven: Racketeering in Violation of N.J.S.A. Those complaints fell on deaf ears, the suit continued. Get in touch today. 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. 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. News, 15 West 26th Street, 4th Fl. 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 . The letter was penned by well-respected litigator, Michael Bowe, partner of Brown Rudnick and Blueprint's legal counsel. 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. 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. Blueprint claims that BlackRock Inc., reportedly the world's largest asset manager with just under $8 trillion in total assets, and Owl Rock Capital (now BlueOwl Capital Inc.), with about. 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. 0. The Newark firm said in court documents Tuesday that New Jersey's pension office "usurped" its. GCM Grosvenor Looks To Elevate Emerging, Diverse PE Firms, Emerging Mgrs. When typing in this field, a list of search results will appear and be automatically updated as you type. As they get cheaper, going electric no longer has to be a costly proposition. YouTubes privacy policy is available here and YouTubes terms of service is available here. Murphy's administration has stalled on document production for over 18 months. 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. Our journalism needs your support. 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. '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. We have investigated the allegations made by Blueprint and have found no evidence whatsoever. This copy is for your personal, non-commercial use only. Emerging manager reports including quarterly performance and annual manager-of-manager supplement. Emerging manager reports including quarterly performance and annual manager-of-manager supplement. 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. 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. Blueprint Capital 2023. In an unexpected twist today, Division of Investment Director Corey Amon resigned. Contact: Jennifer Farmer, jennifer@spotlightpr.org, Your email address will not be published. !function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)? Blueprint Capital is a leader in residential development. In separate statements, all three defendants denied the charges from Blueprint. Weve built Blueprint specifically to help independent, merchant builders be more successful. Federal Judge Permits Racketeering Allegations by Black Firm Against 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. After months of due diligence, Blueprint learned that BlackRock had received Blueprints materials and would co-opt its FAIR program. Market Intelligence Copying, photocopying or duplicating this publication 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. 24/7 unlimited online access to subscription content on the EMM site. But theres much more that can be done. 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. Practus offers thoughtful legal counsel across a range of industries and disciplines. Developing residential assets for our portfolio produces attractive cash flow and creates stockholder value.In the Seattle area, we develop high-quality studio apartments close to transit, shopping, and entertainment. 1983(Against McDonough, Amon, Ajmani, and Helmy in their individual capacities), Count Six: Violation of 42 U.S.C. 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? This is his second . New technology and automation allow snowmakers to combat warmer, wetter winters. 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. "Its time to stop delaying justice," said Walthour. All Rights Reserved. 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. Follow @SaveJersey The division firmly and unequivocally condemns hatred, bigotry and racism in any form and is committed to providing opportunities for minority and women-owned business enterprises to do business with the state.. OUR CLIENTS. Cliffwater also denied the allegations in a rebuttal. 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. New Jersey's only black-owned asset manager adds Murphy, top aides to Cliffwater also released a statement saying the consulting firm did nothing wrong. Approach Services Leadership Impact Press Contact Approach Services Leadership. 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. LLC. GCM Grosvenor Looks To Elevate Emerging, Diverse PE Firms, Emerging Mgrs. Name * First Name. 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..
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