JPMorgan defeats claims it mismanaged church trust

Church Window

JPMorgan has defeated claims that it put its own interests first and mismanaged trust accounts established for an Indianapolis church endowed by the descendants of drug company founder Eli Lilly.

Bloomberg News reports that Christ Church Cathedral sued the bank last year, saying it selected unsuitable and poorly performing investments, causing the church trusts to lose $13m in value from July 2004 to December 2013.

U.S. District Judge Larry McKinney in Indianapolis last week threw out the case, while allowing the Episcopal church to revise and refile some claims within a month. He faulted its lawyers for lumping together disparate JPMorgan units in its court papers and said their allegations lacked specificity.

'We will file an amended complaint which will establish that JPMorgan was more interested in its own financial interests to the detriment of Christ Church', one of its attorneys, Linda Pence, said in an e-mail.

To access the complete Bloomberg News article hit the link below:

JPMorgan Gets Church’s Trust Mismanagement Claims Thrown Out

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