JP Morgan Chase face new accusations from the young entrepreneur behind the student financial aid startup Frank, which the bank acquired in a $175 million transaction.
February 28, 2023, 11:49 AMA JPMorgan Chase & Co. bank logo is seen on a revolving door of a branch in Chicago, Oct. 5, 2015.JP Morgan Chase faced new accusations from Charlie Javice, the young entrepreneur behind the student financial aid startup Frank, which the bank acquired in a $175 million transaction chief executive Jamie Dimon has since called "a huge mistake."
JP Morgan sued Javice in December alleging she "decided to lie" about how many customers Frank actually had and how successful it actually was in order to convince the bank to pay such a high price.According to the lawsuit, Javice claimed more than 4.25 million students had created accounts to apply for federal student aid using Frank's application tool. When the bank sought proof, the lawsuit claimed Javice fabricated a list of fake customers who did not actually exist.
"No one wanted to be held accountable," Javice's counterclaim filing said. "They needed someone else to point the finger at. And they found that person in Ms. Javice: an outsider whose youth and lack of institutional longevity made her an easy target.
"I'll tell you the lessons learned here when this thing is out of litigation," Dimon said on the call.
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