Christ Church Cathedral in Indianapolis has sued JP Morgan Chase & Co. in federal court in Indianapolis for fraud, self-dealing and mismanagement of trust accounts, Bloomberg reports.
Christ Church, an Episcopal church founded in 1837, was endowed by the descendants of drug company founder Eli Lilly. It claims that the bank selected unsuitable and poorly-performing investments for the church’s funds in order to further its own financial interests, in breach of state and federal securities laws. According to the church’s complaint, JP Morgan’s actions caused the church trusts to lose around $13 million in value, USA Today reports.
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