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Church sues JPMorgan

JPMorgan Chase & Co has been sued in a court of law for fraud, self-dealing and mismanagement of trust accounts established for an Indianapolis church endowed by the descendants of drug company founder Eli Lilly. The Christ Church Cathedral sued JPMorgan in Indianapolis federal court, claiming it selected unsuitable and poorly-performing investments to further its own financial interests. The church founded in 1837 accused the bank of breaching state and federal securities laws. The bank “caused the church trusts to lose approximately $13 million in value as a result of JPMorgan’s decisions to purchase over 177 different investment products, mostly from itself, using church funds,” between July 2004 and December 2013, the plaintiffs said in the complaint. The congregation seeks unspecified compensatory and punitive damages. The church alleged JPMorgan employed a ‘guided architecture’ platform through which it selected products based on their profitability to the bank. JPMorgan put between 68% and 85% of the church’s assets into its own products, including private equity funds, structured notes and hedge funds, according to the complaint.

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