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.
90-year-old veteran's car stolen on Memorial Day
Police are searching for a car stolen this week from a 90-year-old veteran.
VIDEO: Picking the right fence for your yard
Experts at Angie's List have advice for how to pick the right fence for your yard.
LIST: Yelp reveals Indiana's top 50 restaurants
Hungry? Popular crowd-review website Yelp just released its list of the top 50 restaurants in all of Indiana.
VIDEO: IPS students bond with IMPD while biking
A new partnership between IPS and IMPD has proved so successful that even more kids will get to be a part of it this fall.
Indy 500 champ, rookie of year fined after race
Indy 500 rookie of the year Gabby Chaves has been fined $10,000 and put on probation for six races after hitting a crew member with his car…