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.
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 alleged that state agency officials had said the agency would accept Blueprint's proposal, but did a similar deal with BlackRock instead.
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 said the state agency retaliated against it for raising discrimination concerns.
Blueprint was founded in 2015 by Black investment professionals Jacob Walthour and Carrie Pickett. A representative in the state's attorney general office declined to give a comment to Bloomberg News.
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.