"JPMorgan Chase & Co. was hit with $115 million in lawyers' bills for Charlie Javice and a second executive convicted of defrauding the bank, yet another twist in a years-long legal saga that's captivated Wall Street. The defense tab, revealed last week when Javice was sentenced to seven years in prison, is roughly two-thirds of the $175 million the bank paid for Javice's student-finance company, Frank."
"The legal bill is the latest fallout for JPMorgan from the disastrous transaction. It also illustrates how expensive high-stakes litigation involving top-flight lawyers can become. There are few litigants besides the nation's largest bank that could afford to pay such costs. "Huge, huge number," said Kevin O'Brien, a former federal prosecutor now working as a white-collar defense lawyer in New York. "She had a lot of high-priced legal talent.""
JPMorgan Chase & Co. paid $115 million in legal fees for Charlie Javice and co-defendant Olivier Amar after a Delaware court found the acquisition terms required the bank to cover their defense costs. The fees were disclosed when Javice was sentenced to seven years in prison and equal roughly two-thirds of the $175 million the bank paid for Javice's student-finance company, Frank. The bill underscores how costly high-stakes litigation can be and dwarfs other high-profile defense bills such as Elizabeth Holmes's roughly $30 million. Law firms and JPMorgan declined to comment. At trial, 19 lawyers appeared for Javice and 16 for Amar.
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