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J.P. Morgan Accused of Self-Dealing in Managing Church Trust Fund
Pensions & Investments 
Aug. 14, 2014 "The lawsuit, filed Wednesday in U.S. District Court in Indianapolis, states J.P. Morgan Chase lost money because, as lone trustee for the trusts, the firm purchased more than 177 different investment products, 'mostly from itself, using church funds because they produced the highest revenues to J.P. Morgan, to the detriment of Christ Church.' ... From late 2007 to the end of 2008, the losses brought down the trusts' assets to $27 million from about $39 million.... J.P. Morgan no longer is trustee for the two funds." MORE >> |
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