JPMorgan Chase is seeking to stop covering the legal fees of convicted fraudsters Charlie Javice and Olivier Amar, who sold their startup Frank to the bank. The duo has racked up a $115 million legal bill, far exceeding reasonable costs, with one law firm receiving $35.6 million alone, compared to Elizabeth Holmes’ $30 million bill.
The bank argues that it would be “irreparably injured” if the court does not halt the “abusive billing” by Javice and Amar’s legal teams. Javice, 33, and Amar were convicted of duping JPMorgan by falsifying records to make it seem like Frank had more customers than it did when the bank acquired the company in 2021.
An early ruling required JPMorgan to advance legal fees for Javice and Amar, part of the agreement when Frank was acquired. Alex Spiro of Quinn Emanuel, who represented Elon Musk, is part of Javice’s legal team. A law firm representing Amar has not commented on the excessive legal fees. JPMorgan’s spokesman called the fees “patently excessive and egregious.”
Read more at Yahoo Finance: JPMorgan Chase wants out of paying $115M legal tab for convicted fraudsters
