JPMorgan Says Javice Should Use Own Money for Frank Fraud Fight

JPMorgan Chase & Co. said Frank founder Charlie Javice should use some of the money she made from the bank’s $175 million acquisition of her college-loan-planning site to pay for her defense in its fraud suit over the deal.

Javice claims the September 2021 merger agreement requires JPMorgan to cover her defense costs. In legal filings unsealed Friday in Delaware Chancery Court, the bank said there’s an exception in the agreement for disputes over alleged violations of the deal itself, which would include the fraud it claims Javice carried out.

“Javice received more than $21 million dollars from JPMC upon ...