SEATTLE, Feb. 2, 2015 (GLOBE NEWSWIRE) -- Keller Rohrback L.L.P. is investigating whether churches or other charitable organizations have claims against JPMorgan Chase & Company for mismanaging the organizations' endowments and breaching its fiduciary duties.
A recent lawsuit alleges that JPMorgan, while acting as trustee for a large church's endowment, engaged in self-dealing, invested in high-risk proprietary funds, and otherwise promoted its own interest while costing the endowment millions.
For example, the lawsuit claims that JPMorgan used its "guided architecture" policy to steer client assets into proprietary products, like complex structured notes, that earned JPMorgan exorbitant fees.
"Churches and other charitable organizations often rely on the income from their endowments to cover operating costs, and banks have a special duty to act in those beneficiaries' best interests, not gouge them through excessive fees and self-dealing," said Derek Loeser, a partner at Keller Rohrback who regularly serves as lead counsel in large scale fraud and mismanagement cases for both institutional and individual clients.
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Contact Keller Rohrback if you would like us to evaluate the management of your endowment and fees charged by JPMorgan Chase & Company.
About Keller Rohrback
Keller Rohrback L.L.P. is a sixty-plus lawyer law firm with a national reputation as a go-to plaintiffs' firm for large-scale, complex individual and class action cases. Keller Rohrback represents institutional investors with losses caused by fraud, manipulation, and other illegal practices relating to financial services and products. The firm prides itself on its ability to provide the highest quality representation in complex cases. Keller Rohrback's approach pays dividends - in the past few years alone, the firm has recovered hundreds of millions of dollars for institutional investors. We carefully investigate and evaluate potential claims, and, when suit is warranted, pursue our clients' claims with passion, diligence, and savvy.
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