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.
Mozel Sanders Dinner preps to feed thousands
While many were traveling Wednesday night, hundreds of volunteers spent their time hard at work getting ready for the annual Mozel Sanders…
Equine-therapy center damaged by heavy winds
A non-profit group in Greenfield has made it their mission to use horses as therapy for kids with special needs – but now they need…
'Sovereign citizens' want millions from Indy
You may not know what a sovereign citizen is, but they think you owe them millions of dollars.
Mild Thanksgiving followed by soggy Friday
Still have some traveling to do ahead of Thanksgiving dinner? Locally, you're in pretty good shape!
Who killed Deshaun Swanson?
Months after his death, Indianapolis police are still looking for answers in the drive-by shooting that claimed the life of an Indianapolis…