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. document.getElementById( "ak_js_2" ).setAttribute( "value", ( new Date() ).getTime() ); Copyright 2023 - Spotlight PR - All Rights Reserved Your $499/year EMM subscription includes: Monthly newsletters with the most pertinent headlines of the month. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. 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. Emerging manager reports including quarterly performance and annual manager-of-manager supplement. This copy is for your personal, non-commercial use only. 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. 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. 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. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); You have a question, and we have an answer.Your answer is only a click away. New Jersey headquarter. 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. 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 /. Cision Distribution 888-776-0942 The state pension fund staff did not disclose the fund's ownership by DeVos which could be found in public records on the internet. 1962(c), Count Ten: Racketeering in Violation of 18 U.S.C. All rights reserved. Slumping tech and property activity arent yet pushing the broader economy into recession. 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. We are the number one source of financing for in-fill, residential projects due to our unrivaled combination of reliability and value-added service. Must Be Concise, Accurate When Pitching, Dallas Employees To Resume In-Person Next Gen Seminars, Chicago Teachers Considers MWDBE Private Equity Re-Ups, Illinois Teachers Makes Value-Add Real Estate Hire, Chicago Fire Suspends MWDBE Private Equity Search. BlackRock and Cliffwater also released statements denying any wrongdoing. 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. Our clients receive a holistic legal perspective, efficient law management, and cost-effective solutions on complex legal matters. Brown Rudnick achieved a landmark victory for Blueprint Capital Advisors when a New Jersey federal judge ruled that the state's only African-American-owned capital asset manager can proceed with its lawsuit against numerous New Jersey officials, BlackRock Capital Advisors, Cliffwater, and Owl Rock Capital. Finding reliable financing is only one challenge facing builders. Distribution and use of this material are governed by According to the legal complaint filed on June 23, New Jersey initially promised to invest $500 million with Blueprint for its FAIR program. Blueprint Capital Advisors is one of the few U.S. investment firms founded by African-Americans. 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. For photocopy permission, back issues and Blueprint Capital 2023. In one instance, a Murphy aid summoned Walthour to a New Jersey diner and explained that "Phil is going to win re-election and then people like you will be in the doghouse for like 6 years," explained the aid. NextMed said most of its customers are satisfied. Name * First Name. 10/2021 8/12/2022 7:18:30 PM WARNING: Complete this form truthfully. Must Be Concise, Accurate When Pitching, Dallas Employees To Resume In-Person Next Gen Seminars, Chicago Teachers Considers MWDBE Private Equity Re-Ups, Illinois Teachers Makes Value-Add Real Estate Hire, Chicago Fire Suspends MWDBE Private Equity Search. Interested in selling your land? "The Division of Law, Treasury and Investments should come forward with the requested documents. Blueprint Capital Advisors (BCA) is a trusted partner to sophisticated institutional investors in hedge fund and other alternative investment strategies. 1962(c)(Against the DOI, McDonough, Rosenstock, Dini Ajmani, BlackRock and Walsh), Count Ten: Racketeering in Violation of 18 U.S.C. All Rights Reserved. 1983(Against McDonough, Amon, Ajmani, and Helmy in their individual capacities), Count Six: Violation of 42 U.S.C. 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 . We are the number one source of financing for in-fill, residential projects due to our unrivaled combination of reliability and value-added service. 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. 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 . 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 . Now, Blueprint received information from a credible source regarding what appears to be attempts to tortiously interfere with Blueprints business dealings, allegedly calling the firms clients with the intent of getting them to terminate or reduce their relationship with Blueprint. 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. So in addition to construction financing, we offer builders value-added services covering the entire development cycle. 2023 Advance Local Media LLC. Blueprint provides construction loans for over 60 local builders in the Seattle market. Last Name. We hope that Amon's departure signifies that Murphy, and his AG will allow truth and justice to prevail," said Blueprint CEO Jacob Walthour. Blueprint Capital Advisors Gets Court Date In NJ DOI Lawsuit 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. 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. The Newark firm said in court documents Tuesday that New Jersey's pension office "usurped" its. Scroll . Governor Murphy was quoted as saying, "justice delayed is justice denied" in a recent public address. 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. Designed and Managed by Loebig Ink. This is his second . 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. 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. Ensure you aren't missing business leads that your competitors are seeing. But theres much more that can be done. 2021 Capital Advisors Group Terms of UseDisclosures, Stefan Spazek, EVP - Director of Debt Placement, Capital Advisors Group Insured Liquidity Account. Your $499/year EMM subscription includes: Monthly newsletters with the most pertinent headlines of the month. 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. 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. /marketintelligence/en/news-insights/latest-news-headlines/blueprint-capital-advisors-sues-new-jersey-2-firms-for-bias-theft-8211-bloomberg-59174740 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. 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. A full list of the amended complaints causes of actions (as articulated in the plaintiffs attorneys release announcing the new filing) is posted below: Count One: Permanent Injunction Pursuant to 42 U.S.C 1983 and 1981(Against Governor Murphy, Corey Amon, Dini Ajmani, and George Helmy), Count Two: Violation of the Fifth Amendment Takings Clause(Against the DOI), Count Three: Breach of Contract(Against the DOI), Count Four: Discrimination and Retaliation in Violation of Section 1981(Against McDonough, Amon, Ajmani, Helmy in their individual capacities), Count Five: Violation of 42 U.S.C. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. On June 23, Blueprint Capital Advisors, a Black-owned asset management firm, sued the state of New Jersey, BlackRock Alternative Advisors and Cliffwater LLC alleging racial discrimination, retaliation and fraud. Blueprint claimed that an official of the state agency said New Jersey was "not a fan of investing with women- and minority-owned firms," according to the news outlet. The radiocentric structure of Argentina has its apex in Buenos Aires. our Subscriber Agreement and by copyright law. Blueprint was founded in 2015 by Black investment professionals Jacob Walthour and Carrie Pickett. Those complaints fell on deaf ears, the suit continued. 45 Academy Street, Suite 205 Newark, NJ 07102 . 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. 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. 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. Family-controlled Dillards has combined share buybacks with keeping costs down, inventory tight and staff engaged with nearly fanatical customers. The initial complaints timeline of alleged transgressions began in 2015 during the Christie Administration. Blueprint brought FAIR, its highly researched investment tool, to the State of New Jersey. When typing in this field, a list of search results will appear and be automatically updated as you type. and have provided over $2 billion in construction financing. 769 likes. News, 15 West 26th Street, 4th Fl. Blueprint provides construction loans for over 60 local builders in the Seattle market. You're welcome! Kelly Heyboer may be reached at kheyboer@njadvancemedia.com. We specialize in servicing institutional investors and wealthy families through discretionary and investment advisory services. 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.. 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 The case is. The dispute began in 2015, under Gov. infringement subject to liability up to $100,000 per infringement. The conspirators did not even bother to change the purloined programs name, the complaint read. 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. 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. 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. TRENTON, N.J. - Blueprint Capital Advisors (Blueprint) is New Jersey's only Black asset manager firm. 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 . New technology and automation allow snowmakers to combat warmer, wetter winters. 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. To read the qualitat exemestan mit versand full letter, click here. Black-owned investment firm Blueprint Capital Advisors L.L.C. Sadly, the treatment of Blueprint is indicative of how things really go down when no one is looking, said Walthour, the companys co-founder. Whether youre a real estate agent, a builder, or an investor, Blueprint can help. Blueprint Capital Advisors LLC is a large advisory firm based in New York. For Immediate Release. The conduct of the DOI and its representatives is unlawful and inexcusable, and they must cease and desist from these and similar actions immediately. BlackRock, one of the worlds largest money management firms, was ultimately chosen to implement a version of the investment strategy for New Jersey using the same program name -- FAIR, short for Fund Alignment and Incentive Reform. Copying, photocopying or duplicating this publication The firm was founded on the premise of "We are different - we care about people and profit." "Its time to stop delaying justice," said Walthour. 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. Photocopy permission is available solely through GRLM, LLC, Financial Investment On June 23, Blueprint Capital Advisors, a Black-owned . NY Common Names Interim EM Program Director, Copyright Notice: Copyright 2020 by Financial Investment News (FIN) and GRLM, 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. 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. 02.01.23 News MassPRIM Releases Emerging, Diverse Program Report 1962(d), Count Eleven: Racketeering in Violation of N.J.S.A. The conspirators did not even bother to change the purloined programs name, the lawsuit said. 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. 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 . '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 In addition to lending, Blueprint also develops income-producing rental property for its portfolio in Seattle and Phoenix. 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. Get up-to-date investment manager search leads, industry trends and investor profiles. In separate statements, all three defendants denied the charges from Blueprint. 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." 2C:41-2(c) and (d), Count 20: Tortious Interference with Prospective Economic Advantage. infringement subject to liability up to $100,000 per infringement. Since 2009, we have developed. Blueprint is specially accusing the current administration of executing a smear campaign against it for bringing its original lawsuit. 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 . Buenos Aires is the capital city of Argentina and is located in the province of Buenos Aires. 24/7 unlimited online access to subscription content on the EMM site. Blueprint is aiming to get unredacted documents by taking Murphy back to court. 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 also said the state agency retaliated against it for raising discrimination concerns. 2C:41-2(c)(Against the DOI, McDonough, Rosenstock, Ajmani, Walsh, and BlackRock), Count Twelve: Racketeering in Violation of N.J.S.A. Emerging manager reports including quarterly performance and annual manager-of-manager supplement. 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. The company has been scrutinized over fake reviews and criticized by customers who had trouble getting refunds. Ohio STRS Loses 9.52% in 2022, Board Rejects Neville Vote of Confidence, Stocks, BondsHah! The lawsuit alleges that Helmy and another Murphy aid delivered threatening messages to Walthour prior to the commencement of litigation. in any form other than as permitted by agreement with FIN is prohibited and may constitute copyright 2C:41-2(c), Count Twelve: Racketeering in Violation of N.J.S.A. Something went wrong while submitting the form. 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. Community Rules apply to all content you upload or otherwise submit to this site. Get started by completing the form below and a member of our team will follow up with you. Thank you! 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. The only publication focusing exclusively on emerging & diverse asset managers. 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. Oops! Our lending model is unique by design. The legal action named the DOI, BlackRock, and Cliffwater as defendants. Contact: Jennifer Farmer, jennifer@spotlightpr.org, Your email address will not be published. All rights reserved. 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. New York, NY 10010. Blueprint officials said they transferred over 1,000 pages of information about their money management proposal to the state and participated in more than 50 phone calls and meetings with state officials. 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 will defend this matter vigorously and believe that the claims against Cliffwater have no merit, the company said. Counsel information for the defendants was not available. OUR CLIENTS. 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.. Our 100-page detailed complaint speaks for itself and Governor Murphy should fix this before a Federal court does.. 24/7 unlimited online access to subscription content on the EMM site. 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. 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. Impact Press Contact. 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. Cliffwater also released a statement saying the consulting firm did nothing wrong. 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. Global Economies in Flux: Drive Decisions with the Purchasing Managers Index (PMI) Data, Staying Strong in Volatile Markets: How Banks Can Overcome Challenges to Funding and Lending, The Rising Importance of Sustainability in Credit Risk, 10:00 - 11:00 am EST | 4:00 - 5:00 pm CET. 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. It has been registered with the SEC as an adviser since 2016 and has operated in the jurisdiction of New York. 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. We Will Move, March, Protest, Organize, Power Build, and Strategize Until Demands Are Met, Race Forward Urges Systemic Change in Light of Police Killing of Tyre Nichols; Continued Police Violence Against People of Color. Cookie Settings/Do Not Sell My Personal Information. 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. 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). 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. 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. .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. Then, in 2016, BlackRock won the contract. !function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)? Weve built Blueprint specifically to help independent, merchant builders be more successful. 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.