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.
Indiana DNR offers camping gift cards
Indiana residents stumped by what holiday gift to buy a friend or relative who loves the great outdoors now have the option of reserving them…
Off-duty state trooper extinguishes house fire
An off-duty Indiana State Trooper in Wayne County saved a home from going up in flames on Saturday.
Dozens gather at service for slain aid worker
Dozens of people gathered Saturday night to honor an Indiana aid worker executed by Islamic State militants.
Friends, family mourn teens killed Thursday
Church members came together in remembrance Saturday for two young men killed this week on the northeast side.
Indy Star: 'We erred' in publishing cartoon
The Indianapolis Star pulled an editorial cartoon this week after an influx of readers deeming it "racially insensitive."
Johnson Co. sheriff investigating child's death
Johnson County authorities were investigating the death of an 11-year-old boy in Greenwood on Saturday.