JP Morgan Chase faced new accusations from Charlie Javice, the entrepreneur behind the student financial aid startup Frank which the bank acquired for $175 million.
A 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."
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.Javice has denied fabricating customer lists of knowingly submitting material false information. In her counterclaim, she called it "implausible" JP Morgan was led to believe Frank had 4.
The counterclaim also alleges that, after changes in student aid rules made the business less viable, JP Morgan initiated pretextual investigations into her conduct and wrongly used false claims to terminate her for cause on the eve of the date on which she was due a significant payment under the terms of the acquisition deal.
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