JPMorgan Chase & Co. JPM is seeking an insurance claim to collect up to about 20% of the $175 million it spent to buy student loan assistance company Frank, The Financial Times reported Wednesday. The insurance claim comes after JPMorgan filed suit in January against Charlie Javice, who founded Frank, for allegedly making up a list of about 4.3 million student accounts when it only had about 300,000. Javice has since been charged with fraud.
The insurance claim comes after JPMorgan filed suit in January against Charlie Javice, who founded Frank, for allegedly making up a list of about 4.3 million student accounts when it only had about 300,000. Javice has since been charged with fraud. Dimon said the deal turned out to be a “huge mistake” when he was asked about it on the company’s Jan. 13 call with analysts.