Black Lives Matter Global Network Foundation Inc. (BLMGNF) is suing its former partner, the Tides Foundation, claiming the fund has not delivered on more than $33 million in donations promised to the social activist group, the New York Post reported.
The 285-page lawsuit filed in Los Angeles County Superior Court on Monday stated that Tides “has engaged in deceptive business practices and has operated in a quasi-banking capacity without appropriate regulatory oversight or licenses.”
The Tides Foundation, a left-wing nonprofit founded in 1976, states their mission is to shift “power and resources to communities that have historically been denied both to unlock transformative change.” The complaint noted that Tides manages over $1.4 billion in assets, more than many regulated community banks, yet operates without safeguards.
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