What is the legal battle between JPMorgan and the founders of Frank?

JPMorgan acquired the financial aid startup Frank for $175 million in 2021, but the founders, Charlie Javice and Olivier Amar, were later found guilty of defrauding the bank by inflating Frank's customer count. Now, JPMorgan is fighting a court order to pay $142 million in legal fees for the founders' defense.

How much did JPMorgan pay to acquire Frank?

JPMorgan acquired the financial aid startup Frank for $175 million in 2021.

What was the outcome for the founders of Frank?

Charlie Javice, the founder of Frank, was sentenced to seven years in prison for her role in defrauding JPMorgan by inflating the startup's customer count.

Home / Business and Economy / JPMorgan Battles $142M Legal Fees for Convicted Startup Founders

JPMorgan Battles $142M Legal Fees for Convicted Startup Founders

16 Nov, 2025

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Summary

JPMorgan acquired startup Frank for $175M in 2021
Founders Javice and Amar convicted of defrauding the bank
JPMorgan billed $142M for founders' legal defense
Bank seeks to overturn order to pay founders' legal fees

JPMorgan Battles $142M Legal Fees for Convicted Startup Founders

In a surprising turn of events, JPMorgan Chase is embroiled in a legal battle over the hefty legal fees incurred by the founders of a startup it acquired. According to reports, the bank has been billed a total of $142 million for the defense of Charlie Javice and Olivier Amar, the founder and chief marketing officer of financial aid startup Frank.

JPMorgan acquired Frank for $175 million in 2021, but earlier this year, Javice and Amar were found guilty of defrauding the bank by inflating Frank's customer count. Javice was sentenced to seven years in prison for her role in the scheme.