"The Division of Law, Treasury and Investments should come forward with the requested documents. Kelly Heyboer may be reached at kheyboer@njadvancemedia.com. For Immediate Release. State Sen. Ron Rice, D-Essex, called on the Murphy Administration to launch a formal investigation of Blueprints claims of racial discrimination. 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 lawsuit against Governor Phil Murphy's administration when Superior Court Judge Mary Jacobson ordered the administration to produce documents no later than May 7, 2021. The 55-page original complaint was filed back on June 23, 2020. Approach Services Leadership Impact Press Contact Approach Services Leadership. 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. 2C:41-2(c) and (d), Count 20: Tortious Interference with Prospective Economic Advantage. The complaint also accused named defendants of conspiring to give to the plan to another firm, BlackRock Capital Investment Corporation, which is also named in the complaint. Blueprint was founded in 2015 by Black investment professionals Jacob Walthour and Carrie Pickett. The case is. Our clients receive a holistic legal perspective, efficient law management, and cost-effective solutions on complex legal matters. The radiocentric structure of Argentina has its apex in Buenos Aires. 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. News, 15 West 26th Street, 4th Fl. 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 . NextMed said most of its customers are satisfied. 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 journalism needs your support. 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. TRENTON, N.J. Blueprint Capital Advisors (Blueprint) is New Jerseys only Black asset manager firm. 0. 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. The Newark firm said in court documents Tuesday that New Jersey's pension office "usurped" its. Murphy's administration has stalled on document production for over 18 months. 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. Blueprint is aiming to get unredacted documents by taking Murphy back to court. 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. 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. November 25, 2020 5 min read The Staff. 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. 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. 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. 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.. 1983(Against McDonough, Amon, Ajmani, and Helmy in their individual capacities), Count Six: Violation of 42 U.S.C. bulk distribution needs, please contact Rob Regan at 212-627-7615 or e-mail. 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. Emerging manager reports including quarterly performance and annual manager-of-manager supplement. our Subscriber Agreement and by copyright law. .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. There is an entrenched good old boys network in Trenton and the DOI that has never worked to the benefit of minorities or women.. from 8 AM - 9 PM ET. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. 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 . infringement subject to liability up to $100,000 per infringement. document.getElementById( "ak_js_2" ).setAttribute( "value", ( new Date() ).getTime() ); Copyright 2023 - Spotlight PR - All Rights Reserved Black-owned investment firm Blueprint Capital Advisors L.L.C. latest-news-headlines 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. All Rights Reserved. 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. 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. 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. Please stay up to date with what we are up to by liking our Facebook page: Blueprint Capital Advisors LLC. TRENTON, N.J. - Blueprint Capital Advisors (Blueprint) is New Jersey's only Black asset manager firm. It was necessary to file this complaint in a court of law, said Jacob Walthour Jr., Blueprints co-founder and CEO. Blueprint was founded in 2015 by Black investment professionals Jacob Walthour and Carrie Pickett. Sadly, the treatment of Blueprint is indicative of how things really go down when no one is looking, said Walthour, the companys co-founder. 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. 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. 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. 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. content 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 . 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. When typing in this field, a list of search results will appear and be automatically updated as you type. From project sourcing, design and permitting right through to sale, we are with our builders every step of the way. "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. 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. 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? 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. The Secure Act 2.0 will help a lot. 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. Get Started The company has been scrutinized over fake reviews and criticized by customers who had trouble getting refunds. 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 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. Hear from our leadership team how our business is focused on your success. Your $499/year EMM subscription includes: Monthly newsletters with the most pertinent headlines of the month. YouTubes privacy policy is available here and YouTubes terms of service is available here. 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 Capital 2023. 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. 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. 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 All rights reserved. Blueprint Capital is a leader in residential development. We are the number one source of financing for in-fill, residential projects due to our unrivaled combination of reliability and value-added service. 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. Thats why more than 150 real estate professionals know to call Blueprint if their clients have land suitable for development. We have investigated the allegations made by Blueprint and have found no evidence whatsoever. We hope that Amon's departure signifies that Murphy, and his AG will allow truth and justice to prevail," said Blueprint CEO Jacob Walthour. 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. However, Blueprint alleges that the state's attorneys have consistently tried to prevent the release of public information in the matter of Blueprint. Governor Murphy was quoted as saying, "justice delayed is justice denied" in a recent public address. Rising costs and a shortage of workers are pushing the Southwest-style restaurant chain to do more with less. !function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)? 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. Emerging manager reports including quarterly performance and annual manager-of-manager supplement. Blueprint Capital Advisors (BCA) is a trusted partner to sophisticated institutional investors in hedge fund and other alternative investment strategies. It has been registered with the SEC as an adviser since 2016 and has operated in the jurisdiction of New York. 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. In separate statements, all three defendants denied the charges from Blueprint. 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. Ohio STRS Loses 9.52% in 2022, Board Rejects Neville Vote of Confidence, Stocks, BondsHah! 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. 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. Blueprint Capital Advisors is one of the few U.S. investment firms founded by African-Americans. 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. New technology and automation allow snowmakers to combat warmer, wetter winters. 2023 Advance Local Media LLC. This copy is for your personal, non-commercial use only. Photocopy permission is available solely through GRLM, LLC, Financial Investment 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 . Market Intelligence 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. Finding reliable financing is only one challenge facing builders. You're welcome! 2C:41-2(c)(Against the DOI, McDonough, Rosenstock, Ajmani, Walsh, and BlackRock), Count Twelve: Racketeering in Violation of N.J.S.A. 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). Both BlackRock and Cliffwater also said they condemn racism and discrimination. 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 provides construction loans for over 60 local builders in the Seattle market. GCM Grosvenor Looks To Elevate Emerging, Diverse PE Firms, Emerging Mgrs. In an unexpected twist today, Division of Investment Director Corey Amon resigned. No Reproduction Without Prior Authorizations. So in addition to construction financing, we offer builders value-added services covering the entire development cycle. Community Rules apply to all content you upload or otherwise submit to this site. Then, in 2016, BlackRock won the contract. The build-to-rent communities we develop generally have upwards of 300 units and combine the convenience of renting with the perks of a single-family home. Thank you! McCombe added: BlackRock participated in a competitive selection process run by the New Jersey State Division of Investment in 2016. Weve built Blueprint specifically to help independent, merchant builders be more successful. 1962(c), Count Ten: Racketeering in Violation of 18 U.S.C. We've built Blueprint specifically to help independent, merchant builders be more successful. 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. 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. Cliffwater also released a statement saying the consulting firm did nothing wrong. LLC. infringement subject to liability up to $100,000 per infringement. 1962(c)(Against the DOI, McDonough, Rosenstock, Dini Ajmani, BlackRock and Walsh), Count Ten: Racketeering in Violation of 18 U.S.C. 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. 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. Your email address will not be published. and have provided over $2 billion in construction financing. Cision Distribution 888-776-0942 We recognize the systemic challenges facing minority-owned firms in our industry and are committed to promoting positive change, McCombe said. Copying, photocopying or duplicating this publication After months of due diligence, Blueprint learned that BlackRock had received Blueprints materials and would co-opt its FAIR program. 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. McDonough also said, If the SIC knew Blueprint was a minority-owned firm, they would not approve the deal, the lawsuit said. Please subscribe today to NJ.com. 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. The state Treasury Department unequivocally denies the allegations and will fight the lawsuit, a statement said. The letter was penned by well-respected litigator, Michael Bowe, partner of Brown Rudnick and Blueprint's legal counsel. Scroll . 1962(d)(Against the DOI, McDonough, Rosenstock, Ajmani, Walsh, and BlackRock), Count Eleven: Racketeering in Violation of N.J.S.A. Impact Press Contact. 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. Family-controlled Dillards has combined share buybacks with keeping costs down, inventory tight and staff engaged with nearly fanatical customers. Blueprint provides construction loans for over 60 local builders in the Seattle market. 769 likes. As they get cheaper, going electric no longer has to be a costly proposition. 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. Blueprint is specially accusing the current administration of executing a smear campaign against it for bringing its original lawsuit. The lawsuit alleges that Helmy and another Murphy aid delivered threatening messages to Walthour prior to the commencement of litigation. 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.. The firms legal counsel, Wigdor LLP, sent a cease and desist letter on Friday, July 3 to New Jerseys counsel. Contact: Jennifer Farmer, jennifer@spotlightpr.org, Your email address will not be published. Get in touch today. 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. 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 . We will defend this matter vigorously and believe that the claims against Cliffwater have no merit, the company said. 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. In 2015, Jacob co-founded Blueprint Capital Advisors which became one of the fastest growing Black-owned asset management firms in the nation and today oversees in excess of $1 billion on behalf of wealthy individuals and institutional investors. BlackRock released a statement saying its own internal review of how it landed the job overseeing the FAIR investment strategy for New Jersey showed the firm did nothing wrong. According to the legal complaint filed on June 23, New Jersey initially promised to invest $500 million with Blueprint for its FAIR program.
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