Posted on 03/19/2021 5:32:34 AM PDT by CheshireTheCat
New Jersey Gov. Phil Murphy is being sued by one of the nation's only black-owned investment firms, which alleges he has failed to address years of racist proprietary theft that began before Murphy took office.
Murphy is named in an amended lawsuit filed by Blueprint Capital Advisers that levels broad charges of "blatant, aggressive, and unapologetic racist abuse" from New Jersey state government.
Blueprint Capital claims that New Jersey "fraudulently misappropriated a proprietary investment program BCA had developed" and delivered it to another investment firm, BlackRock Alternative Advisers.
The suit alleges that Blueprint developed an investment model it called "FAIR Alternative Management," one that was "tailored for public pensions that would dramatically lower their asset management expenses and improve their returns."
Officials with New Jersey's Department of Investment initially showed significant interest in the model and said the state would be interested in investing hundreds of millions of dollars in the company, the suit alleges. After extensive negotiations, however, one state official allegedly began demanding significant changes to previously agreed-upon terms, while another allegedly "began raising internally a phalanx of pretextual issues and objections" to the state's investment in the firm.
The state eventually opted to invest funds with BlackRock. The plaintiffs allege that the rival investment firm "learned in detail the nature and scope of BCA’s proprietary commercial information that formed the basis for the FAIR program, and appropriated it for its program."...
(Excerpt) Read more at justthenews.com ...
I hope BCA is able to show they brought or tried to their concerns to the Murphy Administration and they were rebuffed.
It’s a grifter’s game for the most part. Find powerful people, make them feel guilty, squeeze them for money.
The problem right now is that Republicans have been largely squeezed out. The Powerful people? They are mostly Democrats. So now the Democrats are guilty little racists who can be squeezed.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.