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 /. New Jersey-based Blueprint Capital Advisors' lawsuit, filed in Newark on Tuesday June 23, states that in 2016 it handed over one thousand of pages of 'confidential information and trade secrets' to the DOI and its due diligence group Cliffwater LLC as part of a negotiation to secure a $500m alternative investment mandate. 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 Black-owned firm sues after N.J. official allegedly says state is 'not 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. 2C:41-2(c), Count Twelve: Racketeering in Violation of N.J.S.A. Blueprint Capital Advisors Gets Court Date In NJ DOI Lawsuit 2023 Advance Local Media LLC. More Local News to Love Start today for 50% off Expires 3/6/23, Kelly Heyboer | NJ Advance Media for NJ.com, racial discrimination, retaliation and the theft, McDonough, who stepped down from his state post in 2018. You're welcome! With our. We have decades of local experience and a well-earned reputation as Seattles leading developer of in-fill, residential projects. 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. Blueprint Capital Advisors (BCA) is a trusted partner to sophisticated institutional investors in hedge fund and other alternative investment strategies. The legal action named the DOI, BlackRock, and Cliffwater as defendants. 24/7 unlimited online access to subscription content on the EMM site. Practus offers thoughtful legal counsel across a range of industries and disciplines. 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. This month, we take our annual look at historically Black colleges and universities. All rights reserved. our Subscriber Agreement and by copyright law. Whether youre a real estate agent, a builder, or an investor, Blueprint can help. 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. Required fields are marked *. 1962(d)(Against the DOI, McDonough, Rosenstock, Ajmani, Walsh, and BlackRock), Count Eleven: Racketeering in Violation of N.J.S.A. Blueprint Healthcare Real Estate Advisors was engaged by Integral Senior Living (ISL), the Nation's 9th largest operator of seniors housing, to identify a strategic capital partner who possessed . In an unexpected twist today, Division of Investment Director Corey Amon resigned. We have investigated the allegations made by Blueprint and have found no evidence whatsoever. The Staff PDF United States District Court District of New Jersey 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. Counsel information for the defendants was not available. 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. This is his second . When typing in this field, a list of search results will appear and be automatically updated as you type. 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. Blueprint is Seattles largest buyer of land suitable for single family homes, townhomes and apartments. We specialize in servicing institutional investors and wealthy families through discretionary and investment advisory services. As they get cheaper, going electric no longer has to be a costly proposition. Black-Owned Asset Manager Sues NJ Pension Fund, BlackRock for Racial For Manager Information, Please submit presentation to: managers@blueprintllc.com. https://www.wsj.com/articles/black-owned-investment-firm-sues-new-jersey-for-racial-bias-11592957026. Buenos Aires is the capital city of Argentina and is located in the province of Buenos Aires. 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. Contact: Jennifer Farmer, jennifer@spotlightpr.org, Your email address will not be published. Kelly Heyboer may be reached at kheyboer@njadvancemedia.com. Get in touch today. The dispute began in 2015, under Gov. 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. Blueprint Capital Advisors is one of the few U.S. investment firms founded by African-Americans. esgSubNav, Discover more about S&P Globals offerings. Name * First Name. Finding reliable financing is only one challenge facing builders. Designed and Managed by Loebig Ink. It had also been brought to the New Jersey Teachers Union's (NJEA) attention by Blueprint's attorneys that Amon approved a $120 million investment in a fund partially owned by former Trump Education Secretary Betsy Devos. Buenos Aires Capital City of Argentina SurdelSurAR Blueprint alleged that state agency officials had said the agency would accept Blueprint's proposal, but did a similar deal with BlackRock instead. 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. McCombe added: BlackRock participated in a competitive selection process run by the New Jersey State Division of Investment in 2016. 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. 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? Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American, FEDERAL JUDGE PERMITS RACKETEERING ALLEGATIONS BY BLACK FIRM AGAINST BLACKROCK, NEW JERSEY, AND OTHERS. and have provided over $2 billion in construction financing. But their proposal was never recommended to the State Investment Council, the government group that oversees state investments, the lawsuit said. Weve built Blueprint specifically to help independent, merchant builders be more successful. "The Division of Law, Treasury and Investments should come forward with the requested documents. 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. 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. 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. 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. 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 . LLC. Black-Owned Investment Firm Accuses NJ, BlackRock Of Bias All rights reserved. He is a named defendant in the case, leads the investment operation and was intimately involved in the delaying of Blueprint's information requests. document.getElementById( "ak_js_2" ).setAttribute( "value", ( new Date() ).getTime() ); Copyright 2023 - Spotlight PR - All Rights Reserved The case is. 2C:41-2(d), Count Thirteen: Aiding And Abetting Racketeering In Violation of N.J.S.A. New technology and automation allow snowmakers to combat warmer, wetter winters. 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. Copying, photocopying or duplicating this publication 10/2021 8/12/2022 7:18:30 PM WARNING: Complete this form truthfully. 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 . Blueprint Capital Advisors For non-personal use or to order multiple copies, please contact 2C:41-2(c) and (d)(Against Cliffwater and Owl Rock), Count 14: Fraud(Against McDonough, MacDonald, Rosenstock, Amon, Cliffwater, and Walsh), Count 15: Aiding and Abetting Fraud(Against BlackRock and Owl Rock), Count 16: Unfair Competition(Against BlackRock, Cliffwater, and Owl Rock), Count 17: Breach of Contract(Against Cliffwater), Count 18: Breach of Contract(Against Walsh), Count 19: Breach of Fiduciary Duty(Against Walsh), Count 20: Tortious Interference with Prospective Economic Advantage(Against McDonough, MacDonald, Rosenstock, Amon, Ajmani, Greene and Platkin in theirindividual capacities), Count 21: Commercial Disparagement(Against Rosenstock, Green, Platkin, and Cliffwater), Count 22: Civil Conspiracy(Against McDonough, MacDonald, Rosenstock, Amon, Ajmani, Cliffwater, Walsh, and OwlRock), Murphy abandons travel advisory metrics, warns N.J. to avoid interstate travel this Thanksgiving. At its founding, Blueprint developed an innovative investment tool to save public pension funds millions on fees paid to money managers. BlackRock Sued by Blueprint for Theft, Racial Discrimination No Reproduction Without Prior Authorizations. Prominent New Jersey Pastor Slams National and NJ Democrats for Something went wrong while submitting the form. GCM Grosvenor Looks To Elevate Emerging, Diverse PE Firms, Emerging Mgrs. 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. 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. Ensure you aren't missing business leads that your competitors are seeing. /marketintelligence/en/news-insights/latest-news-headlines/blueprint-capital-advisors-sues-new-jersey-2-firms-for-bias-theft-8211-bloomberg-59174740 2C:41-2(c)(Against the DOI, McDonough, Rosenstock, Ajmani, Walsh, and BlackRock), Count Twelve: Racketeering in Violation of N.J.S.A. Family-controlled Dillards has combined share buybacks with keeping costs down, inventory tight and staff engaged with nearly fanatical customers. Oops! 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). Practus, LLP Virtual Law | A Law Practice with a New Perspective The firms legal counsel, Wigdor LLP, sent a cease and desist letter on Friday, July 3 to New Jerseys counsel. 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. bulk distribution needs, please contact Rob Regan at 212-627-7615 or e-mail. 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 . The letter was penned by well-respected litigator, Michael Bowe, partner of Brown Rudnick and Blueprint's legal counsel. McDonough also said, If the SIC knew Blueprint was a minority-owned firm, they would not approve the deal, the lawsuit said. Billed as a glimpse into Teslas future, Investor Day was used as an opportunity to spotlight the companys leadership bench. Market Intelligence We've built Blueprint specifically to help independent, merchant builders be more successful. 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. 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. 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.. Brown Rudnick Defeats Motion to Dismiss in Landmark Civil Rights Case Primary Business Name: BLUEPRINT CAPITAL ADVISORS LLC CRD Number: 282327 Other-Than-Annual Amendment - All Sections Rev. For photocopy permission, back issues and It was necessary to file this complaint in a court of law, said Jacob Walthour Jr., Blueprints co-founder and CEO. The state pension fund staff did not disclose the fund's ownership by DeVos which could be found in public records on the internet. 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. For Immediate Release. 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. Blueprint was eventually hired to run money for New Jersey, but under terms that it describes as punitive.. 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. We are the number one source of financing for in-fill, residential projects due to our unrivaled combination of reliability and value-added service. 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. 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. 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. 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.". The plaintiff specially accuses Green and a second individual of having sent text blasts making the false and defamatory claims that [Blueprint co-founder Jacob] Walthour had been removed as Chair of the Ebony Media Holdings for insider trading, even though they knew these claims were false and had been told they were false., While Blueprint is forging new paths in the financial service sector, they should not have to contend with systemic and systematic racism from Governor Murphy and his administration, added Jay Sekulow of Constitutional Litigation and Advocacy Group (CLAG).Racial and economic justice is everyones fight and anti-racism is not only bi-partisan, it transcends politics. in any form other than as permitted by agreement with FIN is prohibited and may constitute copyright Trump Atty Joins Race Bias Suit Against BlackRock, NJ New Jersey, BlackRock Sued for Alleged Discrimination and Theft !function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)? 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. Emerging manager reports including quarterly performance and annual manager-of-manager supplement. NY Common Names Interim EM Program Director, Copyright Notice: Copyright 2020 by Financial Investment News (FIN) and GRLM, Blueprint Capital Advisors Cliffwater also released a statement saying the consulting firm did nothing wrong. Are Defined Benefit Pension Funds Still Useful Recruiting, Retention Tools? The conspirators did not even bother to change the purloined programs name, the complaint read. Your $499/year EMM subscription includes: Monthly newsletters with the most pertinent headlines of the month. 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. 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