The Black Lives Matter group is accusing one of its ex-key partners, a top left-wing dark money group, of mismanaging and withholding $33 million.
The lawsuit, filed on Monday in California Superior Court in Los Angeles County by the Black Lives Matter Global Network Foundation, claimed that the Tides Foundation “refused to honor its promises and continues to commandeer BLMGNF’s donations.
“Tides has engaged in deceptive business practices and has operated in a quasi-banking capacity without appropriate regulatory oversight or licenses,” lawyers for BLMGNF alleged in the complaint. “This action highlights a critical regulatory discrepancy that allows Tides to manage assets without adequate safeguards totaling over $1.4 billion — surpassing the assets under management of many regulated community banks, which rigorously adhere to stringent financial safeguards.
BLMGNF emerged as a key player in the left-wing social justice and defund-the-police movements following the murder of George Floyd, pulling in tens of millions of dollars. TheBLMGNF co-founder Patrisse Cullors resigned from the group in 2021 after legal scrutiny over her lavish real estate purchases, including a $6 millionIn the newly filed lawsuit, BLMGNF said the Tides Foundation has refused to transfer it millions of dollars that Tides had pledged to turn over.
“There is an expectation for Black Lives Matter to challenge systems, break barriers and uphold the truth, no matter how uncomfortable,” BLMGNF said in a statement. “Today, that extends into nonprofit operations as we call out Tides Foundation and other so-called ‘fiscal sponsors’ who exploit their role.”
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