JPMorgan tries to get off hook for $115M in legal bills for cons who scammed them out of $175M

Core Viewpoint - JPMorgan Chase is attempting to avoid paying $115 million in legal fees incurred by former partners Charlie Javice and Olivier Amar, who were convicted of defrauding the bank out of $175 million [1][6][10]. Legal Fees and Expenses - Javice's legal team has billed JPMorgan approximately $60.1 million, while Amar's lawyers have charged around $55.2 million, totaling $115 million in legal fees [2][6]. - One law firm involved received $35.6 million in reimbursements alone [6]. Conviction and Sentencing - Charlie Javice was sentenced to seven years in prison after her conviction for defrauding JPMorgan [4][7]. - Olivier Amar, her co-conspirator, was also convicted but has not yet been sentenced [4][8]. Court Rulings and Obligations - A Delaware court upheld a clause in JPMorgan's merger agreement with Frank, mandating the bank to cover legal expenses for Javice and Amar despite their convictions [9]. - JPMorgan is now seeking to reverse this ruling in order to avoid the $115 million payment [1][12]. Restitution and Recovery - As part of a $287.5 million restitution order, Javice is required to repay only 10% of her post-prison income for 20 years, making it unlikely for JPMorgan to recover significant funds [12][13]. - The ongoing legal battle over reimbursement is expected to continue, with Javice's defense team likely to keep billing the bank during her appeal [14].