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.
Report: FBI subpoenas lewd texts from Fogle
The FBI has subpoenaed an affidavit containing text messages from former Subway spokesman Jared Fogle about paying for sex with a…
Superintendent voluntarily cuts pay 25%
The superintendent of the Loogootee Community School Corporation is voluntarily cutting her salary by 25 percent for the upcoming…
CALL 6: What IPS schools have the most fights?
As Indianapolis Public Schools heads back to class August 3, Call 6 Investigates is looking at where fights happen the most within the school…
Police call woman's weekend death 'suspicious'
IMPD homicide detectives are investigating a death in the 40th block of Bankers Lane.
6 most memorable things from Gen Con
Here are six things you didn't already know about Gen Con in Indianapolis over the weekend.