Losing Faith in JPMorgan Trusts, Churches Claim Self-Dealing

Two U.S. churches’ allegations of self-dealing by JPMorgan Chase & Co. expose an area inside the largest U.S. bank that is rich in potential for conflicting interests — a trust business that invests in the bank’s own products (Rector, Wardens and Vestrymen of the Christ Church Cathedral of Indianapolis v. JPMorgan Chase & Co., S.D. Ind., 14-cv-01331, complaint filed 8/13/14); 103 BBR 447, 8/26/14, 154 Securities Law Daily, 8/11/14, 157 DER EE-4, 8/14/14.

JPMorgan, entrusted to manage funds to support the churches’ good works, put its own financial interests first, the churches say. Their claims came after other religious orders pressed ...