"According to the filing, Javice's team of lawyers across five law firms have billed JPMorgan approximately $60.1 million in legal fees and expenses, while Amar's lawyers have billed the bank roughly $55.2 million in fees. In total, the bank alleges Javice and Amar's lawyers have racked up legal fees of $115 million, with one law firm receiving $35.6 million in reimbursements alone."
"In comparison, Elizabeth Holmes, who was convicted of defrauding investors in the Theranos case, reportedly ended up with a legal bill of roughly $30 million. The bank would be "irreparably injured" if the court does not put an end to "abusive billing," the bank said. Javice and her lawyers have treated the process "like a blank check," Chase said. Javice, 33, was convicted in March of duping the banking giant when it bought her company, called Frank, in the summer of 2021."
"For nearly three years, JPMorgan Chase has picking up the legal tab of Charlie Javice and Olivier Amar, the two convicted fraudsters who sold their financial aid startup Frank to the bank. But the two have racked up an astronomical, nine-figure legal bill that far exceeds any reasonable amount the two may have needed for their defense, the bank said in a court filing late Friday."
JPMorgan Chase has advanced legal fees for Charlie Javice and Olivier Amar since acquiring Frank, but the bank says the founders' counsel have billed an excessive $115 million. Javice's lawyers across five law firms billed about $60.1 million and Amar's counsel billed roughly $55.2 million, with one firm receiving $35.6 million. The bank argues the sums far exceed reasonable defense costs and asks the court to end the fee-advance obligation from the 2021 acquisition agreement. Javice and Amar were convicted after Frank was found to have materially overstated customer numbers.
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