Saturday, August 16, 2014
Church Sues JPMorgan For $13 Million In Losses From Bad Trust Investments
This week, Christ Church, an Episcopal Church in Indianapolis, Indiana, filed suit against JP Morgan Chase alleging mishandling of the church's $35 million trust whose assets came originally from gifts from Eli Lilly, Jr. The complaint (full text) in Rector, Wardens and Vestrymen of Christ Church Cathedral of Indianapolis v. JPMorgan Chase & Co., (SD IN, filed 8/13/2014), alleges that securities law violations, fraud and breach of trust led to losses of $13 million from 2004-2013. It claims that defendants selected "high-risk, high-cost, opaque, unsuitable and poorly performing investments in order to further their own financial interests to the detriment of Christ Church." BNA Daily Report for Executives [subscription required] reports on the lawsuit.