JPMorgan Sues Founder of Startup it Bought for $175 Million

Summary by Ground News

JPMorgan Chase Bank on Wednesday this week filed a lawsuit against Charlie Javice, the founder of student finance startup Frank, a trustee, and another individual, accusing them of committing fraud to induce the bank to purchase the company for $175 million.

Published 2 months ago

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Reuters

JPMorgan shuts down financial planning website Frank after suing founder

JPMorgan Chase & Co on Thursday shut down its Frank website, a college financial planning platform it bought in 2021, after suing the startup's founder and another executive for creating nearly 4 million fake customer accounts.

3 months ago·United Kingdom

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Hindustan Times

Why JPMorgan is suing a 30-year-old startup founder for $175 million?

Charlie Javice forged millions of customer accounts to enhance credibility of her startup and convince JPMorgan Chase to acquire it

2 months ago·New Delhi, India

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CNBC

JPMorgan shutters website it paid $175 million for, accuses founder of inventing millions of accounts

Regardless of the outcome of this legal scuffle, this is an embarrassing episode for JPMorgan and its CEO, Jamie Dimon.

3 months ago·United States

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New York Post

JPMorgan claims entrepreneur Charlie Javice duped bank into buying $175M startup: suit

Javice led JPMorgan Chase to believe it was buying a business with 4.265 million customers, but instead had fewer than 300,000, according to the suit.

3 months ago·New York, United States

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Bloomberg

JPMorgan Is Sued by Second Frank Executive Seeking Legal Fees

JPMorgan Chase & Co. is being sued for legal fees by a second Frank executive the bank claims defrauded it in its $175 million acquisition of the now-defunct college financial-planning site.

2 months ago·United States

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