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JPMorgan suing leaders of financial aid business Frank

By Sam Boughedda JPMorgan (NYSE:JPM) is said to be suing the leaders of the financial-aid business Frank, a company it acquired for $175 million in 2021. The finance giant alleges...
JPMorgan suing leaders of financial aid business Frank © Reuters. JPMorgan (JPM) suing leaders of financial aid business Frank
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By Sam Boughedda

JPMorgan (NYSE:JPM) is said to be suing the leaders of the financial-aid business Frank, a company it acquired for $175 million in 2021.

The finance giant alleges that the company's leaders misled the bank by creating millions of fake student accounts to show it had a growing business.

The WSJ reported that the bank filed a lawsuit against Frank executives Charlie Javice and Olivier Amar last month in a Delaware Federal court. They claim widespread fraud.

Frank is marketed as a business that helps families navigate the college financial aid process.

Javice was said to have approached JPMorgan about an acquisition in the summer of 2021.

JPMorgan was reported to have said in its court filing that "rather than reveal the truth, Javice first pushed back on [JPMorgan's] request, arguing that she could not share her customer list due to privacy concerns."

However, after JPMorgan insisted, "Javice chose to invent several million Frank customer accounts out of whole cloth."

Before the bank sued her, the WSJ said Javice filed a separate lawsuit against JPMorgan, stating she is owed millions in expenses incurred. The suit also says she was fired in November.

Javice also claimed JPMorgan "manufactured a for-cause termination in bad faith," while her lawyer claimed JPMorgan's lawsuit is "nothing but a cover."

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01-05-2024 10:45:17 (UTC+7)

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    EUR/USD 1.0658 ↑ Sell  
    GBP/USD 1.2475 ↑ Sell  
    USD/JPY 157.91 ↑ Buy  
    AUD/USD 0.6469 Neutral  
    USD/CAD 1.3780 ↑ Buy  
    EUR/JPY 168.32 ↑ Buy  
    EUR/CHF 0.9808 Neutral  
    Gold 2,295.80 ↑ Sell  
    Silver 26.677 ↑ Sell  
    Copper 4.5305 ↑ Buy  
    Crude Oil WTI 81.14 ↑ Sell  
    Brent Oil 85.62 ↑ Sell  
    Natural Gas 1.946 ↑ Sell  
    US Coffee C 213.73 ↑ Sell  
    Euro Stoxx 50 4,920.55 ↑ Sell  
    S&P 500 5,035.69 ↑ Sell  
    DAX 17,921.95 ↑ Sell  
    FTSE 100 8,144.13 Sell  
    Hang Seng 17,763.03 ↑ Sell  
    Small Cap 2000 1,973.05 ↑ Sell  
    IBEX 35 10,854.40 Neutral  
    BASF 49.155 ↑ Sell  
    Bayer 27.35 ↑ Sell  
    Allianz 266.60 ↑ Sell  
    Adidas 226.40 ↑ Sell  
    Lufthansa 6.714 Neutral  
    Siemens AG 175.90 ↑ Sell  
    Deutsche Bank AG 15.010 Neutral  
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