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New Jersey Division of Investment Official Accused of Contacting Blueprint Business Relationships After Racial Discrimination, Retaliation and Fraud Lawsuit Filed

For Immediate Release

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. 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. Now, Blueprint received information from a credible source regarding what appears to be attempts to tortiously interfere with Blueprint’s business dealings, allegedly calling the firm’s clients with the intent of getting them to terminate or reduce their relationship with Blueprint. The firm’s legal counsel, Wigdor LLP, sent a cease and desist letter on Friday, July 3 to New Jersey’s counsel.

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 Jersey’s Division of Investment (the “DOI”), including DOI Director Corey Amon, have been contacting Blueprint’s other investors for the purpose of tortiously interfering with the Company’s business relationships. 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. The conduct of the DOI and its representatives is unlawful and inexcusable, and they must cease and desist from these and similar actions immediately. If DOI and its officials (including, but not limited to, Mr. Amon) are somehow still ignorant (which is no excuse or defense) of the fact that Blueprint’s assertion of legal claims and the filing of its lawsuit are legally protected against retaliation by the Defendants, then this letter is their written notice that they must stop such conduct right now. 

To read the full letter, click here.

At its founding, Blueprint developed an innovative investment tool to save public pension funds millions on fees paid to money managers. Blueprint brought FAIR, its highly researched investment tool, to the State of New Jersey. According to the legal complaint filed on June 23, New Jersey initially promised to invest $500 million with Blueprint for its FAIR program. After months of due diligence, Blueprint learned that BlackRock had received Blueprint’s materials and would co-opt its FAIR program. When Blueprint protested, New Jersey officials allegedly told the company that the State wasn’t a fan of doing business with Black-owned or women-owned companies. 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 Blueprint’s FAIR program. A link to the full lawsuit is here, and media coverage on the case can be found here.

Contact: Jennifer Farmer, jennifer@spotlightpr.org

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