Church alleges banker cost Lilly trust $13 million
4:47 PM, Aug 13, 2014
11:44 PM, Aug 13, 2014
INDIANAPOLIS - 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.