JPMorgan Chase Battles Over Legal Fees for Convicted Ex-Employees

JPMorgan Chase finds itself in a financial pickle. The bank is trying to stop paying the legal fees for two former employees, Charlie Javice and Olivier Amar. They were found guilty of fraud after selling their company, Frank, to JPMorgan. The bank says the legal bills have skyrocketed to an eye-watering $115 million. That's a lot of money, even for a big bank. Javice and Amar's lawyers have been charging JPMorgan for their services. The bank claims these fees are way too high and not justified. They argue that the two convicted fraudsters and their lawyers are taking advantage of the situation. The bank wants the court to put an end to what they call "abusive billing. " Javice and Amar were convicted of tricking JPMorgan into buying Frank. They made it seem like the company had millions of customers, but that wasn't true. A court earlier ruled that JPMorgan had to pay their legal fees as part of the deal when they bought Frank. The bank is not happy about this. They say the legal fees are out of control. For example, one law firm alone got $35. 6 million. That's more than what Elizabeth Holmes, the Theranos founder, reportedly paid for her legal defense. JPMorgan says they will be "irreparably injured" if the court doesn't stop these fees. They claim Javice and her lawyers are treating the bank's money "like a blank check. " The bank plans to share more details about this with the court soon.