JPMorgan Chase Seeks to Avoid Paying $115M Legal Tab for Convicted Fraudsters
JPMorgan Chase is attempting to extricate itself from paying a $115 million legal bill for Charlie Javice and Olivier Amar, convicted fraudsters who sold their financial aid startup Frank to the bank.
According to a court filing, Javice's legal team has billed the bank approximately $60.1 million, while Amar's lawyers have billed roughly $55.2 million. The total legal fees amount to $115 million, with one law firm receiving $35.6 million in reimbursements alone.
The bank argues that it should not have to pay the legal tab, as the costs far exceed any reasonable amount needed for their defense.
JPMorgan Chase claims that its agreement to shoulder the costs as part of the startup purchase should end, citing the exorbitant legal fees racked up by Javice and Amar's lawyers.
Author's summary: JPMorgan Chase seeks to avoid paying $115M in legal fees for convicted fraudsters.