JP Morgan Chase Management Fees for the Trust

 TRUST ADMINISTRATION FEES

"JP Morgan's trust management - The Accountings show that a law firm did the complete Trust Administration at an hourly rate between appr. $ 190.00 to $ 350.00, resulting in fees of 173,751.16 as of 3.4.2010". It appears tax matters were not done in a cost-efficient way resulting in excessive fees to prepare tax returns.  Also, the sale of the airplane shows legal fees of $ 9,037. plus several thousand dollars of expenses when customarily a 6% commission is paid for the same service. 

The JPMorgan Chase Bank deducted from the trust Fiduciary Fees of $ 185,530. plus $ 8,826. from the IRA - a total of $ 194,356. for active trust management, investing of funds, tax matters and other matters. It appears like double dipping by JPMorgan.

The law firm performed most services that should have been done by the JPMorgan. The overall cost of mutual funds added another 2.4 % or more to the management fees. It appears like triple dipping.

In comparison Smith Barney charges for Estate Settlement a fee of 2 % of the total assets.  

We were led to believe, that JPMorgan Chase would handle all the accounting and tax matters and the complete Trust management and administration for a nominal fee.

EPIC SECTION 700.1508 
”In investing and managing fiduciary assets, a fiduciary may only incur costs that are appropriate and reasonable in relation to the assets, the purposes of the fiduciary estate, and the skills of the fiduciary”.
Was the rule violated?

Litigation with JPMorgan Chase - May 2010:
We just noticed, "JPMorgan Chase are subtracting their attorney fees from Mary's income".
She already has to pay her own attorney fees and now the attorney fees for JPMorgan's attorneys as well. Unbelievable!!!

Is JPMorgan using this type of trust management for all their clients?
JP Morgan were able to post a $ 11.7 billion profit for 2009 and pay their Bankers huge bonuses while their clients 
accounts are suffering tremendous financial losses.

Jan 15, 2010 ... NEW YORK -- J.P. Morgan Chase announced Friday an $11.7 billion profit for 2009, along with paydays for its investment-banking employees ...

Jul 15, 2010 ... JPMorgan Chase kicked off earnings season for the nation's big banks with news of a strong gain in a second-quarter profit of 4.8 billion.

S
tay tuned! Further updates will be posted!
We are trying to resolve some issues through Mediation.