JP Morgan is very angry as America's largest bank has to pay legal fee of the 32-year-old startup CEO charged of defrauding it of $175 million; calls it ...

JPMorgan Chase is reportedly quite annoyed. Reason: The America's largest bank wants a way out of paying for Charlie Javice's legal bills. This despite the fact that 32-year-old founder of fintech company Frank, Charlie Javice, has been found guilty of defrauding JPMorgan Chase of $175 million. As 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.

In a Friday court filing, JPMorgan requested an end to its obligation to fund Javice’s legal defense as she appeals her guilty verdict before beginning a seven-year prison sentence. The bank described the legal fees as “patently excessive and egregious,” with $60.1 million already advanced to Javice for her criminal defense. The filing further reads that Javice has "unreasonably" hired five law companies, including one that received $35.6 million, calling the arrangement “overlapping, duplicative, and excessive.”




Pablo Rodriguez, a JPMorgan spokesperson, told Business Insider, “The legal fees sought by Charlie Javice and Olivier Amar are an abuse, and we look forward to sharing details with the court in coming weeks.” The bank’s lawyers argued that without court intervention, JPMorgan faces “irreparable injury” from what they described as Javice’s legal team treating the fee arrangement as a “blank check.”Javice’s high-profile defense team includes Alex Spiro of Quinn Emanuel, known for representing clients like Elon Musk and Kim Kardashian, with an hourly rate reportedly reaching $3,000.

Charlie Javice vs JP Morgan case

In March, a federal jury in Manhattan has found Charlie Javice guilty of defrauding JPMorgan Chase. Prosecutors said that she tricked JPMorgan into believing her fintech had data for over 4 million students. JPMorgan’s move comes as the bank seeks to limit its financial exposure tied to the controversial acquisition of Frank, which prosecutors say was inflated by fraudulent misrepresentations.

Javice was 27 years old in summer 2021, when JPMorgan executives agreed to acquire her website.