Bloomberg News reports that 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 Episcopal church founded in 1837 accused the world’s fourth-biggest bank by asset value 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.
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