Tuesday, August 19, 2014
Christ Church Cathedral is suing JPMorgan Chase for self-dealing and mismanaging trust funds. JP Morgan resigned as trustee last December. The church became the beneficiary of the trusts after wealthy humanitarian Eli Lilly, Jr. died in 1997, leaving a large donation to the church in the form of the trusts. The church is alleging that JPMorgan lost $13million of trust funds by making investment decisions that benefited the bank.
See Maria Vultaggio, Christ Church Vs. JPMorgan: Bank Allegedly Mismanaged Millions, International Business Times, Aug. 13, 2014.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.