{"id":5745,"date":"2015-02-06T00:00:00","date_gmt":"2015-02-06T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2015\/02\/jpmorgan_sued_by_indiana_churc_1"},"modified":"2022-05-06T12:14:53","modified_gmt":"2022-05-06T17:14:53","slug":"jpmorgan-sued-by-indiana-churc-1","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/jpmorgan-sued-by-indiana-churc-1\/","title":{"rendered":"JPMorgan Sued by Indiana Church"},"content":{"rendered":"

The Christ Church Cathedral of Indianapolis is suing JPMorgan (JPM) <\/a>for securities fraud<\/a>. The church contends that the financial firm purposely mismanaged its money over the last ten years, causing $13 million in losses. Eli Lilly, the founder of pharmaceutical giant of the same name, gifted a large trust fund to the Episcopal congregation. Mr. Lilly appointed three local banks as trustees but JPMorgan became involved after it acquired two of the banks in 2004.<\/p>\n

Court filings claim that once JPMorgan came on board the church\u2019s portfolio of stocks and bonds were replaced by the firm\u2019s own funds, including alternative investments, which involve higher fees paid to the firm. Over eight years the firm\u2019s management fees went up from $35K to $177K, while it reaped in additional fees for selling proprietary products. By the close of 2009, the church was invested in over 50 investment funds\u2014 75% of those were in the firm\u2019s own products.<\/p>\n

In 2004, when the firm took over the church\u2019s trust fund, the congregation had $34.6 million. By the end of 2013 it had $31.6 million. Because of this, the congregation has been unable to do all of its charitable works. The church believes that its investment strategy should have let it take money from its endowment to fund its aid work without losing any money. The Christ Church Cathedral of Indianapolis wants JPMorgan to pay back the $13 million losses, which includes lost profits.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The Christ Church Cathedral of Indianapolis is suing JPMorgan (JPM) for securities fraud. The church contends that the financial firm purposely mismanaged its money over the last ten years, causing $13 million in losses. Eli Lilly, the founder of pharmaceutical giant of the same name, gifted a large trust fund to the Episcopal congregation. Mr. […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3958],"tags":[],"class_list":["post-5745","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-jp-morgan-chase"],"yoast_head":"\nJPMorgan Sued by Indiana Church — Investor Lawyers Blog — February 6, 2015<\/title>\n<meta name=\"description\" content=\"The Christ Church Cathedral of Indianapolis is suing JPMorgan (JPM) for securities fraud. The church contends that the financial firm purposely mismanaged — February 6, 2015\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/jpmorgan-sued-by-indiana-churc-1\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"JPMorgan Sued by Indiana Church — Investor Lawyers Blog — February 6, 2015\" \/>\n<meta name=\"twitter:description\" content=\"The Christ Church Cathedral of Indianapolis is suing JPMorgan (JPM) for securities fraud. The church contends that the financial firm purposely mismanaged — February 6, 2015\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards & Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"JPMorgan Sued by Indiana Church — Investor Lawyers Blog — February 6, 2015","description":"The Christ Church Cathedral of Indianapolis is suing JPMorgan (JPM) for securities fraud. 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