Overview
- JPMorgan filed late Friday to terminate its obligation to advance legal fees for Charlie Javice and Olivier Amar, calling the bills abusive.
- The bank says it has advanced about $115 million in total, including roughly $60.1 million for Javice and $55.2 million for Amar, with one firm receiving $35.6 million.
- An earlier Delaware decision required advancement under the Frank acquisition’s indemnification provisions, which JPMorgan now seeks to revisit.
- Javice was convicted in March and sentenced last month to seven years, and she is appealing; Amar was also convicted and awaits sentencing.
- JPMorgan characterizes the billing as “patently excessive and egregious” and says it will pursue recovery through a broader restitution effort tied to losses from the $175 million deal.