Cathedral Sues JPMorgan Chase

Tim Evans writes for The Indianapolis Star:

The money was meant to feed the poor and hungry, to lift up the needy and downtrodden around the world and to ensure that an Indianapolis church remains Downtown to fill its vital and historic mission of community outreach.

Instead, according to a federal lawsuit, millions of dollars were wasted on bad investments and exorbitant fees because of JPMorgan Chase and Co.’s self-dealing and mismanagement of two Christ Church Cathedral trust funds endowed by the late Eli Lilly Jr.

The lawsuit filed Wednesday in U.S. District Court on behalf of the church claims “JPMorgan caused the church trusts to lose approximately $13 million in value.”

Read the rest.


Online Archives