blueprint capital advisors lawsuit

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.). 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. 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. The state pension fund staff did not disclose the fund's ownership by DeVos which could be found in public records on the internet. Get in touch today. Sadly, the treatment of Blueprint is indicative of how things really go down when no one is looking, said Walthour, the companys co-founder. !function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)? 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. from 8 AM - 9 PM ET. NextMed said most of its customers are satisfied. A representative in the state's attorney general office declined to give a comment to Bloomberg News. 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. Blueprint Capital Advisors is one of the few U.S. investment firms founded by African-Americans. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. 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." TRENTON, N.J. Blueprint Capital Advisors (Blueprint) is New Jerseys only Black asset manager firm. With our. 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 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. Last Name. But slowing profits in other sectors and rising interest rates are warning signs. content 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. 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. 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. Until Freedom to Host Direct Action Urging Louisville Police to Arrest the Cops Who Killed Breonna Taylor, RACE FORWARD COMMENDS BIDEN ADMINISTRATION ON RELEASE OF SECOND HISTORIC RACIAL EQUITY EXECUTIVE ORDER, Ahead of the 2023 State of the Union, Race Forward Urged President Biden to Continue Leaning into Commitment to Advance Racial Equity, In his 2023 State of the Union Address, Advocates Want to Hear How President Biden Will Expand Voting Rights, Address Unfair and Inequitable Redistricting Maps, Black Southern Womens Collaborative Member in Memphis: We Will Not Go Back to the Same Oppressive Systems. Blueprint is Seattles largest buyer of land suitable for single family homes, townhomes and apartments. 1962(c)(Against the DOI, McDonough, Rosenstock, Dini Ajmani, BlackRock and Walsh), Count Ten: Racketeering in Violation of 18 U.S.C. 2C:41-2(c) and (d), Count 20: Tortious Interference with Prospective Economic Advantage. "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. Our clients receive a holistic legal perspective, efficient law management, and cost-effective solutions on complex legal matters. 769 likes. 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 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. 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. 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.". in any form other than as permitted by agreement with FIN is prohibited and may constitute copyright Governor Murphy was quoted as saying, "justice delayed is justice denied" in a recent public address. This month, we take our annual look at historically Black colleges and universities. State Sen. Ron Rice, D-Essex, called on the Murphy Administration to launch a formal investigation of Blueprints claims of racial discrimination. Blueprints FAIR program structures alternative investments through managed accounts or fund-of-one structures, the lawsuit said. GCM Grosvenor Looks To Elevate Emerging, Diverse PE Firms, Emerging Mgrs. "The Division of Law, Treasury and Investments should come forward with the requested documents. Follow @SaveJersey bulk distribution needs, please contact Rob Regan at 212-627-7615 or e-mail. 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. Practus offers thoughtful legal counsel across a range of industries and disciplines. Blueprint provides construction loans for over 60 local builders in the Seattle market. November 25, 2020 5 min read The Staff. 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. 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. But their proposal was never recommended to the State Investment Council, the government group that oversees state investments, the lawsuit said. The only publication focusing exclusively on emerging & diverse asset managers. Blueprint Capital 2023. 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 . A link to the full lawsuit is here, and media coverage on the case can be found here. https://www.wsj.com/articles/black-owned-investment-firm-sues-new-jersey-for-racial-bias-11592957026. 24/7 unlimited online access to subscription content on the EMM site. 2021 Capital Advisors Group Terms of UseDisclosures, Stefan Spazek, EVP - Director of Debt Placement, Capital Advisors Group Insured Liquidity Account. The state Treasury Department unequivocally denies the allegations and will fight the lawsuit, a statement said. New York, NY 10010. Your email address will not be published. Uncategorized esgSubNav, Discover more about S&P Globals offerings. Designed and Managed by Loebig Ink. 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, 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. 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. 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. News, 15 West 26th Street, 4th Fl. New York, NY 10010. The conduct of the DOI and its representatives is unlawful and inexcusable, and they must cease and desist from these and similar actions immediately. 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. We are the number one source of financing for in-fill, residential projects due to our unrivaled combination of reliability and value-added service. 02.01.23 News MassPRIM Releases Emerging, Diverse Program Report Thats why more than 150 real estate professionals know to call Blueprint if their clients have land suitable for development. McDonough also said, If the SIC knew Blueprint was a minority-owned firm, they would not approve the deal, the lawsuit said. 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 . Emerging manager reports including quarterly performance and annual manager-of-manager supplement. 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 /. The firm was founded on the premise of "We are different - we care about people and profit." document.getElementById( "ak_js_2" ).setAttribute( "value", ( new Date() ).getTime() ); Copyright 2023 - Spotlight PR - All Rights Reserved Ensure you aren't missing business leads that your competitors are seeing. 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. NY Common Names Interim EM Program Director, Copyright Notice: Copyright 2020 by Financial Investment News (FIN) and GRLM, 1962(d)(Against the DOI, McDonough, Rosenstock, Ajmani, Walsh, and BlackRock), Count Eleven: Racketeering in Violation of N.J.S.A. 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? 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. Blueprint Capital is a leader in residential development. 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 was founded in 2015 by Black investment professionals Jacob Walthour and Carrie Pickett. Copying, photocopying or duplicating this publication 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. 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. 10/2021 8/12/2022 7:18:30 PM WARNING: Complete this form truthfully. 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. Distribution and use of this material are governed by Counsel information for the defendants was not available. For photocopy permission, back issues and and have provided over $2 billion in construction financing. 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 . 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. We have decades of local experience and a well-earned reputation as Seattles leading developer of in-fill, residential projects. Blueprint Capital Advisors (Blueprint) is New Jerseys only Black asset manager firm. 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. The firm sought a 1% management fee and a 10% performance fee. 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. Family-controlled Dillards has combined share buybacks with keeping costs down, inventory tight and staff engaged with nearly fanatical customers. Blueprint offers builders value-added services during the entire development lifecycle in addition to financing. '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 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. Are Defined Benefit Pension Funds Still Useful Recruiting, Retention Tools? 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 letter was penned by well-respected litigator, Michael Bowe, partner of Brown Rudnick and Blueprint's legal counsel. bulk distribution needs, please contact Rob Regan at 212-627-7615 or e-mail. Blueprint was eventually hired to run money for New Jersey, but under terms that it describes as punitive.. This copy is for your personal, non-commercial use only. Cookie Settings/Do Not Sell My Personal Information. New Jersey headquarter. It was necessary to file this complaint in a court of law, said Jacob Walthour Jr., Blueprints co-founder and CEO. All rights reserved. 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. We specialize in servicing institutional investors and wealthy families through discretionary and investment advisory services. Those complaints fell on deaf ears, the suit continued. There is an entrenched good old boys network in Trenton and the DOI that has never worked to the benefit of minorities or women.. For non-personal use or to order multiple copies, please contact This month, we take our annual look at historically Black colleges and universities.

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