US EditionJPMorgan Chase wants out of paying $115M legal tab for convicted fraudsters
JPMorgan Chase argues legal fees for Javice and Amar total $115 million and claims the billing is abusive and excessive, seeking to stop further payments.
- On Friday, JPMorgan Chase asked a Delaware court to stop advancing legal fees for Charlie Javice and Olivier Amar, saying nearly three years of payments would cause 'irreparable injury.'
- Under the Frank sale terms, a Delaware court ruled JPMorgan had to advance legal fees for Charlie Javice and Olivier Amar, with lawyers billing roughly $60.1 million and $55.2 million respectively.
- Prosecutors allege Charlie Javice falsified records showing Frank had over 4 million customers when it had fewer than 300,000, and her legal team includes Alex Spiro, Quinn Emanuel.
- JPMorgan Chase argues the legal spending has been treated 'like a blank check' by Charlie Javice's team, calling the billing abusive and contrasting it with Elizabeth Holmes's roughly $30 million legal bill.
- With both founders convicted, JPMorgan spokesman Pablo Rodriguez said the bank will present evidence of abusive billing to the Delaware court in coming weeks.
71 Articles
71 Articles
After $175 Million Scam, JPMorgan Battles $115M in Legal Fees: ‘Patently Excessive and Egregious’ - JPMorgan Chase (NYSE:JPM)
JPMorgan is trying to avoid a staggering $115 million legal bill linked to two convicted fraudsters who deceived the bank, causing a loss of $175 million.
JPMorgan balks at $115 million legal tab for convicted fraudsters and says Charlie Javice's lawyers are treating it 'like a blank check'
A court previously ruled JPMorgan was required to advance Javice and Amar for any legal fees, which was part of the bank’s agreement when Frank was acquired in 2021.
Business Insider
UpstractJPMorgan is stuck paying for Charlie Javice's legal fees. The bank says her $115 million bill is 'patently excessive and egregious'
Spencer Platt/Getty ImagesA clause in JPMorgan's contract with Charlie Javice kept the bank liable for her legal fees.Javice was sentenced to 7 years in prison for tricking JPMorgan into paying $175M for her startup.JPMorgan is disputing what it calls an "egregious" $115 million bill as Javice continues to appeal.JPMorgan wants out of paying for Charlie Javice's legal bills.A clause in JPMorgan's contract with Javice, tied to the original sale o…
Associated Press News
JPMorgan Chase wants out of paying $115M legal tab for convicted fraudsters
JPMorgan Chase wants to stop paying millions in legal fees for two convicted fraudsters. The bank said in a court filing Friday that Charlie Javice and Olivier Amar have racked up an astronomical $115 million legal bill.
JPMorgan Seeks to End Javice’s ‘Blank Check’ for Legal Fees
JPMorgan Chase & Co. asked a Delaware judge to end its obligation to cover legal costs for Charlie Javice and another executive convicted of defrauding the bank, calling the $115 million it’s already paid “unprecedented and shocking.”
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