- Associated Press - Wednesday, August 13, 2014

INDIANAPOLIS (AP) — One of Indianapolis’ oldest church congregations is suing JPMorgan Chase and Co., saying the investment banker’s mismanagement and self-dealing led to $13 million in losses from a trust endowed by philanthropist Eli Lilly Jr.

Christ Church Cathedral filed its complaint Wednesday in U.S. District Court in Indianapolis.

The complaint says JPMorgan Chase charged excessive fees and commissions in purchasing 177 different investment products, mostly from itself. It says the actions resulted in high revenues to JPMorgan Chase.

The congregation says Lilly bequeathed a portion of his estate to the Christ Church in 1973. JPMorgan Chase voluntarily resigned as the trustee for the account in December.

A JPMorgan Chase spokeswoman says it does not comment on pending litigation.

The 177-year-old Episcopal congregation is situated on Monument Circle.


Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.

 

Click to Read More and View Comments

Click to Hide