The state Treasury Department unequivocally denies the allegations and will fight the lawsuit, a statement said. In a statement, the state Department of the Treasury denied it discriminates against minority-owned firms and said it has several programs and initiatives to reach out to minority- and women-owned businesses and fund managers. "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. 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. 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. Thank you! Blueprint provides construction loans for over 60 local builders in the Seattle market. It has been registered with the SEC as an adviser since 2016 and has operated in the jurisdiction of New York. 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. 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. For photocopy permission, back issues and So in addition to construction financing, we offer builders value-added services covering the entire development cycle. .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. 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. We are the number one source of financing for in-fill, residential projects due to our unrivaled combination of reliability and value-added service. 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. 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. 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. Capital Advisors Group, Inc. 29 Crafts Street Suite 270 Newton, MA 02458. It manages $1.04 billion of regulatory assets for 3 client accounts. Cision Distribution 888-776-0942 Blueprint was eventually hired to run money for New Jersey, but under terms that it describes as punitive.. content You're welcome! 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. November 25, 2020 The Secure Act 2.0 will help a lot. 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. Walthour remains adamant that the State of New Jersey Division of Investment allegedly stole proprietary information and trade secrets and gave the information to Larry Fink's BlackRock Alternative Advisors. Blueprint is Seattles largest buyer of land suitable for single family homes, townhomes and apartments. Kelly Heyboer may be reached at kheyboer@njadvancemedia.com. 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 was founded in 2015 by Black investment professionals Jacob Walthour and Carrie Pickett. Blueprint Capital Advisors (Blueprint) is New Jerseys only Black asset manager firm. in any form other than as permitted by agreement with FIN is prohibited and may constitute copyright Distribution and use of this material are governed by Blueprint repeatedly complained and raised objections with New Jersey through several channels that it had been the victim of unlawful discrimination because of its status as a business founded by African Americans and a woman, the complaint read. The case is. According to Blueprint, the firm was told that the State Investment Council was not a fan of investing with women and minority-owned firms.. New York, NY 10010. Blueprint brought FAIR, its highly researched investment tool, to the State of New Jersey. The legal action named the DOI, BlackRock, and Cliffwater as defendants. The conduct of the DOI and its representatives is unlawful and inexcusable, and they must cease and desist from these and similar actions immediately. 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. Since 2009, we have developed. Our 100-page detailed complaint speaks for itself and Governor Murphy should fix this before a Federal court does.. Blueprint is specially accusing the current administration of executing a smear campaign against it for bringing its original lawsuit. Cliffwater also released a statement saying the consulting firm did nothing wrong. 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 . 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." 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. 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. 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. Your $499/year EMM subscription includes: Monthly newsletters with the most pertinent headlines of the month. There is an entrenched good old boys network in Trenton and the DOI that has never worked to the benefit of minorities or women.. 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. Primary Business Name: BLUEPRINT CAPITAL ADVISORS LLC CRD Number: 282327 Other-Than-Annual Amendment - All Sections Rev. 2C:41-2(c) and (d), Count 20: Tortious Interference with Prospective Economic Advantage. 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.". Are Defined Benefit Pension Funds Still Useful Recruiting, Retention Tools? 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. The firm sought a 1% management fee and a 10% performance fee. Required fields are marked *. Interested in selling your land? 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. Rising costs and a shortage of workers are pushing the Southwest-style restaurant chain to do more with less. Then, in 2016, BlackRock won the contract. 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. Thats why more than 150 real estate professionals know to call Blueprint if their clients have land suitable for development. '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. 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. 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. 02.01.23 News MassPRIM Releases Emerging, Diverse Program Report Designed and Managed by Loebig Ink. 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. Slumping tech and property activity arent yet pushing the broader economy into recession. News, 15 West 26th Street, 4th Fl. 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. 1962(d)(Against the DOI, McDonough, Rosenstock, Ajmani, Walsh, and BlackRock), Count Eleven: Racketeering in Violation of N.J.S.A. 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. 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. GCM Grosvenor Looks To Elevate Emerging, Diverse PE Firms, Emerging Mgrs. 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. 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. 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. 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. 2021 Capital Advisors Group Terms of UseDisclosures, Stefan Spazek, EVP - Director of Debt Placement, Capital Advisors Group Insured Liquidity Account. However, Blueprint alleges that the state's attorneys have consistently tried to prevent the release of public information in the matter of Blueprint. 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. Oops! After months of due diligence, Blueprint learned that BlackRock had received Blueprints materials and would co-opt its FAIR program. 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. 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 2023. Blueprint was founded in 2015 by Black investment professionals Jacob Walthour and Carrie Pickett. The company has been scrutinized over fake reviews and criticized by customers who had trouble getting refunds. 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. Our clients receive a holistic legal perspective, efficient law management, and cost-effective solutions on complex legal matters. We have investigated the allegations made by Blueprint and have found no evidence whatsoever. 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 /. 1962(c)(Against the DOI, McDonough, Rosenstock, Dini Ajmani, BlackRock and Walsh), Count Ten: Racketeering in Violation of 18 U.S.C. McDonough also said, If the SIC knew Blueprint was a minority-owned firm, they would not approve the deal, the lawsuit said. 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. Name * First Name. infringement subject to liability up to $100,000 per infringement. Black-Owned Asset Manager Sues NJ Pension Fund, BlackRock for Racial Bias, Pennsylvania Fund Debates How Best to Invest in Todays Environment. 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 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.. TRENTON, N.J. - Blueprint Capital Advisors (Blueprint) is New Jersey's only Black asset manager firm. The firm was founded on the premise of "We are different - we care about people and profit." Billed as a glimpse into Teslas future, Investor Day was used as an opportunity to spotlight the companys leadership bench. We are the number one source of financing for in-fill, residential projects due to our unrivaled combination of reliability and value-added service. We will defend this matter vigorously and believe that the claims against Cliffwater have no merit, the company said. 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. 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? !function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)? 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. BlackRock and Cliffwater also released statements denying any wrongdoing. We have decades of local experience and a well-earned reputation as Seattles leading developer of in-fill, residential projects. 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. 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. Something went wrong while submitting the form. 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. 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. 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. But their proposal was never recommended to the State Investment Council, the government group that oversees state investments, the lawsuit said. https://www.wsj.com/articles/black-owned-investment-firm-sues-new-jersey-for-racial-bias-11592957026. In addition to lending, Blueprint also develops income-producing rental property for its portfolio in Seattle and Phoenix. 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. Copying, photocopying or duplicating this publication 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.
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