8/18/2014 3:50:30 PM
INDIANAPOLIS – One of Indianapolis’ oldest church congregations sued JPMorgan Chase and Co. on Wednesday in federal court, alleging the investment banker’s mismanagement and self-dealing led to $13 million in losses from trusts endowed by philanthropist Eli Lilly Jr.
A complaint filed by Christ Church Cathedral in U.S. District Court in Indianapolis alleged JPMorgan Chase directed money from the trusts into 177 different investment products, mostly the banker’s own, including “high-risk, high-cost, opaque, unsuitable and poorly performing investments.”
The value of the trusts managed by the bank had fluctuated $35.4 million to $39.2 million from 2004 to 2007, but by last December, after the stock market had rebounded from the Great Recession, the trusts’ value had dropped to $31.6 million, the complaint said. JPMorgan Chase resigned as the trustee of the trusts that month.
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