From Chicago and Indianapolis-The church accuses JPMorgan, which was trustee over most of the Lilly gift until resigning in December, of “intentional mismanagement” and “self-dealing,” leading to $13 million in losses, the Indianapolis Business Journal reported.
JPMorgan has declined to comment. The bank is the successor via merger to American Fletcher National Bank and Indiana National Bank, which each received responsibility for managing one-third of Lilly’s gift. The other third originally went to Merchants National Bank, later known as National City Bank and now PNC Bank, which also gave up management around year-end. All the funds now are managed by the Christ Church Cathedral Foundation.
More here-
http://posttrib.suntimes.com/news/29537617-418/church-lawsuit-is-latest-spat-over-lilly-bequests.html#.VAMClVYYEds
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