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. This copy is for your personal, non-commercial use only. Ohio STRS Loses 9.52% in 2022, Board Rejects Neville Vote of Confidence, Stocks, BondsHah! Blueprint Capital Advisors (BCA) is a trusted partner to sophisticated institutional investors in hedge fund and other alternative investment strategies. 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 alleged that state agency officials had said the agency would accept Blueprint's proposal, but did a similar deal with BlackRock instead. 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. Our clients receive a holistic legal perspective, efficient law management, and cost-effective solutions on complex legal matters. 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. '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 If you purchase a product or register for an account through one of the links on our site, we may receive compensation. 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.. Cision Distribution 888-776-0942 When typing in this field, a list of search results will appear and be automatically updated as you type. 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. 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. But their proposal was never recommended to the State Investment Council, the government group that oversees state investments, the lawsuit said. 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. 10/2021 8/12/2022 7:18:30 PM WARNING: Complete this form truthfully. Emerging manager reports including quarterly performance and annual manager-of-manager supplement. BlackRock and Cliffwater also released statements denying any wrongdoing. It has been registered with the SEC as an adviser since 2016 and has operated in the jurisdiction of New York. Are Defined Benefit Pension Funds Still Useful Recruiting, Retention Tools? infringement subject to liability up to $100,000 per infringement. 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. in any form other than as permitted by agreement with FIN is prohibited and may constitute copyright 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. 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. According to Blueprint, the firm was told that the State Investment Council was not a fan of investing with women and minority-owned firms.. Community Rules apply to all content you upload or otherwise submit to this site. 2C:41-2(c), Count Twelve: Racketeering in Violation of N.J.S.A. Governor Murphy was quoted as saying, "justice delayed is justice denied" in a recent public address. 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. Then, in 2016, BlackRock won the contract. Whether youre a real estate agent, a builder, or an investor, Blueprint can help. 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. from 8 AM - 9 PM ET. Black-owned investment firm Blueprint Capital Advisors L.L.C. From project sourcing, design and permitting right through to sale, we are with our builders every step of the way. The firm sought a 1% management fee and a 10% performance fee. Blueprint alleges pension staff made efforts to block it from investing state money and turned against the firm after it spoke up about being treated unfairly. For photocopy permission, back issues and 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 Newark firm said in court documents Tuesday that New Jersey's pension office "usurped" its. In addition to lending, Blueprint also develops income-producing rental property for its portfolio in Seattle and Phoenix. Finding reliable financing is only one challenge facing builders. NextMed said most of its customers are satisfied. "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. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. There is an entrenched good old boys network in Trenton and the DOI that has never worked to the benefit of minorities or women.. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. our Subscriber Agreement and by copyright law. Blueprint Capital Advisors is one of the few U.S. investment firms founded by African-Americans. 769 likes. The only publication focusing exclusively on emerging & diverse asset managers. 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 . Market Intelligence Your email address will not be published. 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. NY Common Names Interim EM Program Director, Copyright Notice: Copyright 2020 by Financial Investment News (FIN) and GRLM, 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. Emerging manager reports including quarterly performance and annual manager-of-manager supplement. It was necessary to file this complaint in a court of law, said Jacob Walthour Jr., Blueprints co-founder and CEO. The radiocentric structure of Argentina has its apex in Buenos Aires. 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. 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. Since 2009, we have developed. "The Division of Law, Treasury and Investments should come forward with the requested documents. Cookie Settings/Do Not Sell My Personal Information. The dispute began in 2015, under Gov. Thank you! 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). For non-personal use or to order multiple copies, please contact The Newark firm said in court documents Tuesday that New Jerseys pension office usurped its ideas and hired money-management giant BlackRock Inc. to run Blueprints strategy. 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. 0. Contact: Jennifer Farmer, jennifer@spotlightpr.org, Your email address will not be published. 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. 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 /. This month, we take our annual look at historically Black colleges and universities. Get up-to-date investment manager search leads, industry trends and investor profiles. 1962(d), Count Eleven: Racketeering in Violation of N.J.S.A. 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. The letter was penned by well-respected litigator, Michael Bowe, partner of Brown Rudnick and Blueprint's legal counsel. 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. has announced it will get its day in court on a longstanding federal lawsuit against BlackRock Inc. and Owl Rock Capital Corp. (now BlueOwl Capital Inc.). 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. Blueprint also said the state agency retaliated against it for raising discrimination concerns. 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 . 1962(c), Count Ten: Racketeering in Violation of 18 U.S.C. We have decades of local experience and a well-earned reputation as Seattles leading developer of in-fill, residential projects. So in addition to construction financing, we offer builders value-added services covering the entire development cycle. As they get cheaper, going electric no longer has to be a costly proposition. 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.