Friday, May 22, 2015

JPMorgan Gets Church’s Trust Mismanagement Claims Thrown Out

From Indianapolis-

JPMorgan Chase & Co. 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.

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

U.S. District Judge Larry McKinney in Indianapolis on Thursday 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.

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