BlackRock, Owl Rock Must Face Bias Suit by Black-Owned Firm
- Judge says suit adequately alleges discrimination, conspiracy
- BlackRock says Blueprint Capital Advisors’ suit has ‘no merit’
Blackrock headquarters in New York.
Photographer: Jeenah Moon/BloombergThis article is for subscribers only.
BlackRock Inc. and Owl Rock Capital Corp. must face racial bias claims from a small Black-owned investment firm that alleges they conspired with New Jersey state officials to steal its plan to lower public pension plan costs.
A federal judge on Friday largely denied a motion to dismiss the suit by Blueprint Capital Advisors LLC, which claims it submitted confidential information about its plan to New Jersey’s Division of Investment and an outside consultant in hopes of securing investments from them. Blueprint claims the state took the plan and then partnered with BlackRock and Owl Rock instead.