JPMorgan sued for millions by US church

Church Window

Reverend Stephen Carlsen went to a seminary, not business school, but he's quickly becoming an expert on how Wall Street works as his church battles America's largest bank.

CNN reports that Carlsen is dean of Christ Church Cathedral of Indianapolis, which is suing JPMorgan Chase for millions.

The church claims that JPMorgan intentionally mismanaged its funds, which shrank in the past decade. Meanwhile, the fees the church paid JPMorgan skyrocketed.

The church has had to scale back its charitable work in Indianapolis and abroad because of an alleged $13 million in losses caused by JPMorgan. After many hours of prayer and frustrating dialogue with the bank, Christ Church decided to fight.

'They didn't teach me any of this at seminary,' says Rev. Carlsen. 'Legal action was a last resort.'

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Indiana church sues JPMorgan for millions

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