"A clause in JPMorgan's contract with Javice, tied to the original sale of her startup, Frank, has kept the bank liable for her legal fees - even after Javice was convicted in March of conspiracy, wire, and bank fraud for tricking JPMorgan into purchasing the company for $175 million. While Javice continues to appeal the guilty verdict before reporting for her 7-year prison sentence, JPMorgan has been required to pay upward of $115 million in legal fees to Javice and her co-defendant, Olivier Amar."
"JPMorgan has advanced $60.1 million to Javice for her criminal defense, "representing an unprecedented and shocking amount that has exceeded any semblance of reasonableness," the bank's lawyers argued. Further, the filing reads that Javice has "unreasonably" hired five different law firms for her defense - including a single firm that JPMorgan says has received advanced fees and expenses totaling $35.6 million - "even though five law firms working on a single case is necessarily overlapping, duplicative, and excessive.""
A contract clause tied to the sale of the fintech startup Frank obligates JPMorgan to advance legal fees for Charlie Javice despite her March conviction for conspiracy, wire, and bank fraud for allegedly tricking the bank into purchasing Frank for $175 million. Javice is appealing the guilty verdict and has not yet begun a seven-year prison sentence. JPMorgan has advanced $60.1 million for Javice's defense and has paid upward of $115 million in legal fees to Javice and co-defendant Olivier Amar. The bank filed to terminate its payment obligation, calling the fees excessive and noting retention of five law firms and $35.6 million advanced to a single firm.
Read at Business Insider
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