Click here: to donate by Credit Card
Or here: to donate by PayPal
Or by mail to: Free Republic, LLC - PO Box 9771 - Fresno, CA 93794
Thank you very much and God bless you.
Posted on 10/26/2025 12:34:27 PM PDT by Libloather
JPMorgan Chase is seeking to get out of its legal obligation to pay a staggering $115 million in attorney fees racked up by two former business partners who were convicted of scamming the banking giant out of $175 million.
The nation’s largest lender filed legal papers in Delaware on Friday demanding that a judge reverse an earlier ruling that required it to pay the lawyers for Charlie Javice and her convicted co-conspirator Olivier Amar.
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 legal fees sought by Charlie Javice and Olivier Amar are patently excessive and egregious,” a spokesperson for JPMorgan Chase told The Post.
“We look forward to sharing details of this abuse with the court in coming weeks.”
Javice, who was convicted in March, was sentenced to seven years in federal prison last month after Judge Alvin K. Hellerstein rejected prosecutors’ call for a 12-year term.
Prosecutors said she and Amar fabricated data to make it appear that Frank had 4.25 million student accounts when it had fewer than 300,000, duping the bank into paying a nine-figure sum.
Amar was convicted of the same charges, but he has yet to be sentenced.
JPMorgan’s 2021 merger agreement to buy student-loan startup Frank required the bank to advance legal expenses for its founders, Javice and Amar.
(Excerpt) Read more at nypost.com ...
|
|
Click here: to donate by Credit Card Or here: to donate by PayPal Or by mail to: Free Republic, LLC - PO Box 9771 - Fresno, CA 93794 Thank you very much and God bless you. |
What a confusing article. The paper should get someone to read it before sending it for a title and publication.
Man!
A “fixer” like Mr. Wolf would be cheaper...
So you lie about how many customers your company has, get Chase to buy it for $175 million, get prosecuted for fraud and because of the purchase contract you had with Chase they have to pay for your legal defense for defrauding them. Cheeky! I hope a lot of financial analysts and lawyers at Chase got fired for being so incompetent with the lack of due diligence and the sweetheart sales terms.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.