JPMorgan doesn’t want to pay Frank founder Charlie Javice’s legal bills

JPMorgan Chase has reported facing a staggering $142 million in legal fees related to the defense of Charlie Javice and Olivier Amar, the co-founder and chief marketing officer of the financial aid startup, Frank. The bank acquired Frank for $175 million in 2021, but this year, both Javice and Amar were convicted of defrauding JPMorgan by artificially inflating the number of customers associated with the company. Javice has since been sentenced to seven years in prison. Now, JPMorgan is contesting a judge's ruling that mandates the bank to cover the legal expenses for both individuals, as detailed by The Wall Street Journal. Michael Pittinger, the attorney representing JPMorgan, criticized the charges from Javice’s legal team, which reportedly included extravagant expenses such as luxury hotel upgrades and even a moisturizer described as 'cellulite butter.' Pittinger expressed his disbelief at the scale of what he termed 'extreme abuses' in billing. In response, a spokesperson for Javice defended her actions, stating that she adhered to JPMorgan’s policies and did not submit expenses for reimbursement unless they were explicitly allowed. They noted that while Javice did purchase items like ice cream, it was all within the guidelines set forth by the bank, and she never sought reimbursement for unauthorized expenses.