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.
VIDEO: Frosty weather changes Halloween plans
The frosty weather caused trick-or-treaters throughout Indiana to change their Halloween plans Friday night.
Anthem tells 30K in Indiana to switch policies
Anthem Blue Cross and Blue Shield has sent notices to 30,000 people in Indiana that it is canceling health care insurance policies and asking…
INDOT preparing for tricky driving conditions
The state Department of Transportation is warning drivers to be aware that strong winds, near-freezing temperatures, rain, sleet and snow…
Domestic violence sweep results in 119 arrests
As October comes to an end, the Marion County Sheriff's Office was celebrating a successful month of tracking down those accused of domestic…
Record-setting Halloween weather across Indiana
Are you as excited as Storm Team 6 Chief Meteorologist Kevin Gregory for the first snowfall of the season?
Crime Stoppers reports increase in tips, arrests
New numbers show that central Indiana residents have teamed up with police to help fight crime.