In a verdict last month, Charlie Javice, an American female entrepreneur born in the 1990s, was sentenced to more than seven years in prison for deceiving JPMorgan Chase to acquire her college financial aid startup Frank for US$175 million. But for JPMorgan Chase, the troubles caused by the lawsuit are not yet completely over.
While Jarvis is still appealing her guilty verdict, JPMorgan Chase has been ordered to pay $115 million in legal fees to Jarvis and her co-defendant Olivier Amar because a clause in the bank's original contract with Jarvis required the bank to cover her legal fees.
In a filing on Friday, lawyers for JPMorgan Chase asked the court to end their obligation to continue making payments.
"The legal fees sought by Charli Javits and Olivier Ammar are patently excessive and shocking," a JPMorgan spokesperson said in a statement. "We look forward to sharing the details of this abuse with the court in the coming weeks."
JPMorgan Chase has advanced Javits $60.1 million in criminal defense costs, "an unprecedented and shocking amount that exceeds any semblance of reasonableness," the bank's lawyers argued.
Lawyers for JPMorgan Chase argue that unless courts stop the "abusive billing" practice, the bank will be irreparably harmed. In this approach, Jarvish and her legal team viewed the promotion process as "a blank check to bill and spend as they please."
Among the powerful legal team defending Jarvis is Alex Spiro of the law firm Quinn Emanuel, who has represented clients including Elon Musk and Kim Kardashian. Previous reports said Spiro's fees have nearly doubled in the past four years, and he now charges $3,000 an hour.