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☆ Charlie Javice, who faces charges after JP Morgan said she defrauded them out of $175 million, says US prosecutors are using 'cherry-picked' evidence to help their case
▼ + stars: | 2023-10-15 | by ( Katie Hawkinson | Jack Newsham | ) www.businessinsider.com time to read: +3 min

Charlie Javice says JP Morgan is withholding thousands of documents that could help her case. Javice is facing federal charges after JP Morgan claimed she defrauded them out of $175 million. Now, the 31-year-old claims JP Morgan has failed to produce "likely thousands" of documents that could help her defense. In April, the federal prosecutors charged Javice with making false claims and submitting false data to JP Morgan after the bank acquired Frank for $175 million. AdvertisementAdvertisementProsecutors said Javice lied to JP Morgan about the number of people relying on her company.

Persons: Charlie Javice, Morgan, Javice, JP Morgan, —, Frank, Slack, Damian Williams, Prosecutors, Mark Kantrowitz, Kantrowitz Organizations: Service, Department of Justice, JP, Federal Student Aid, Justice

☆ Parties seek court approval of JPMorgan Chase $290 million settlement over Epstein ties
▼ + stars: | 2023-06-23 | by ( Lauren Del Valle | ) edition.cnn.com time to read: +4 min

New York CNN —Attorneys filed a preliminary plan to facilitate a $290 million settlement fund for JPMorgan Chase to compensate victims of Jeffrey Epstein. “JPMC is entering into this Stipulation solely to eliminate the burden, expense, and uncertainty of further protracted litigation. Attorneys for the parties have suggested Simone Lelchuk oversee the JPMC settlement process as she has already been appointed claims administrator for the Deutsche Bank settlement. Claimants can see the award money from both bank settlements, though the JPMorgan settlement language notes that any award amount received through the Deutsche Bank settlement will be considered when processing their claim with JPMC. JPMorgan Chase remains tied up in litigation over its longtime relationship with Epstein in a pending lawsuit brought by the government of the US Virgin Islands.

Persons: Jeffrey Epstein, Epstein, “, ”, JPMC, “ JPMC, Simone Lelchuk, Lelchuk, Harvey Weinstein, JPMorgan Chase, Jes Staley, trafficker’s Organizations: New, New York CNN, JPMorgan Chase, Deutsche Bank, JPMorgan, Virgin Islands Locations: New York, “, Virgin, JPMC

JPMorgan Chase said Monday it has reached a settlement with one of late sexual predator Jeffrey Epstein's victims, who had been suing the bank in federal court. JPMorgan argues that Staley is responsible for any civil liability a jury might find in the Epstein case. Last month, Deutsche Bank, where Epstein became a client after he was forced out by JPMorgan in 2013, settled with Epstein victims for $75 million. The announcement comes more than a week after JPMorgan CEO Jamie Dimon gave a deposition in the Epstein cases. On Friday, lawyers for the Epstein victim, called Jane Doe 1 in documents, asked the court to reopen Dimon's deposition.

Persons: JPMorgan Chase, Jeffrey Epstein's, Jane Doe, Epstein, Jes Staley, Staley, Jamie Dimon, Mary Erdoes, Mary Casey, Dimon, Bill Gates, Prince Andrew of, Bill Clinton, Donald Trump Organizations: JPMorgan, JPMorgan Chase Bank, N.A, U.S . Virgin, Deutsche Bank, Islands, Barclays, Plaintiff, Microsoft Locations: Virgin, Florida, New York

☆ Lawyers for Epstein victim suing JP Morgan ask to recall Jamie Dimon and others for depositions
▼ + stars: | 2023-06-09 | by ( Lauren Del Valle | ) edition.cnn.com time to read: +2 min

The plaintiff’s filing accuses JPMorgan of intentionally slow-walking its document production to avoid questioning on certain topics during depositions that occurred over the last few months. The plaintiff attorneys want to ask Dimon about an extensive JPMC internal review related to Epstein conducted in the fall of 2019. The financial institution produced “key documents” related to that review days after Dimon’s deposition, according to the motion. “These documents demonstrate that JPMC was fully capable of learning the full extent of Epstein and Staley’s personal relationship,” the filing says. “We do not believe there is any basis to reopen any of these depositions,” a spokesperson for JPMC told CNN on Friday afternoon.

Persons: JPMorgan Chase, Jeffrey, Epstein, Jamie Dimon, Dimon, JPMC, “ JPMC, ” Dimon, Jeffrey Epstein, “, ” Organizations: New, New York CNN, JPMorgan, CNN Locations: New York

☆ Epstein accuser seeks new testimony from JPMorgan CEO Jamie Dimon
▼ + stars: | 2023-06-09 | by ( Dan Mangan | ) www.cnbc.com time to read: +3 min

Jamie Dimon, chairman and chief executive officer of JPMorgan Chase & Co., right, at the US Capitol following a meeting with Senate Majority Leader Chuck Schumer in Washington, DC, US, on Wednesday, May 17, 2023. Lawyers for a Jeffrey Epstein victim asked a federal judge on Friday to allow them to take new testimony from JPMorgan Chase CEO Jamie Dimon and others as part of a lawsuit against the bank over its dealings with sex predator Epstein. JPMorgan denies any wrongdoing but has said it regrets having had Epstein as a client. McCawley noted that Rakoff in May had admonished JPMorgan for turning over documents to the plaintiff's legal team "at an inexplicably slow rate." "This pattern of producing documents from the custodial files of witnesses after their depositions has persisted throughout the discovery period."

Persons: Jamie Dimon, Chuck Schumer, Jeffrey Epstein, Epstein, Dimon, Jed Rakoff, Sigrid McCawley, Jane Doe, Mary Erdoes, Mary Casey, McCawley, JPMC, Joseph Evangelisti, Jamie, —, Eamon Javers Organizations: JPMorgan Chase &, JPMorgan Chase, Court, JPMorgan, U.S . Virgin, CNBC Locations: Washington , DC, Manhattan, U.S

☆ Reader mailbag: From M&A and MBAs to Elon Musk and bitcoin, all your questions answered
▼ + stars: | 2023-04-07 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

It's easier to leverage misinformation for personal gain within the world of finance than perhaps any other industry. I'm not the type to suggest the only real information you can get on the markets is from established news outlets. Do you think the legacy media is fearful of Elon Musk's new Twitter? I just think the discourse on Twitter is very different from what you'd find on a media website. My position on bitcoin, and the wider digital-currency ecosystem, is that it's too often a solution looking for a problem.

[1/3] Jamie Dimon, Chairman of the Board and Chief Executive Officer of JPMorgan Chase & Co., gestures as he speaks during an interview with Reuters in Miami, Florida, U.S., February 8, 2023. Lawyers for the U.S. Virgin Islands did not immediately respond to requests for comment. The U.S. Virgin Islands is seeking damages from JPMorgan for missing red flags about Epstein's misconduct on Little St. James, a private island he owned there. Dimon and Staley, who later served as Barclays Plc's (BARC.L) chief executive, are not defendants in either lawsuit. The case is Government of the U.S. Virgin Islands v JPMorgan Chase Bank NA, U.S. District Court, Southern District of New York, No.

☆ JPMorgan says it is not liable for top banker's ties to Jeffrey Epstein
▼ + stars: | 2023-02-23 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

Lawyers for the U.S. Virgin Islands did not immediately respond to requests for comment. Epstein killed himself in a Manhattan jail cell in August 2019 while awaiting trial on sex trafficking charges. After leaving JPMorgan, Staley became chief executive of Barclays Plc (BARC.L) but resigned in November 2021 amid a dispute with British financial regulators examining his ties to Epstein. Epstein's victims are also suing JPMorgan and Deutsche Bank AG (DBKGn.DE), where Epstein was a client from 2013 to 2018. The case is Government of the U.S. Virgin Islands v JPMorgan Chase Bank NA, U.S. District Court, Southern District of New York, No.

The banks said there were no allegations they knew about or actively did anything to further Epstein's sex trafficking, and had no legal duty to protect the women from his abuses. The plaintiffs have said numerous cash payments from the banks were used to pay Epstein's victims. Epstein killed himself at age 66 in a Manhattan jail cell in August 2019 while awaiting trial on sex trafficking charges. The cases are Jane Doe 1 v Deutsche Bank AG et al, U.S. District Court, Southern District of New York, No. 22-10018, and Jane Doe 1 v JPMorgan Chase & Co in the same court, No.

☆ JPMorgan and the US Virgin Islands are blaming each other in court for failing to stop Jeffrey Epstein's sex-trafficking scheme
▼ + stars: | 2023-02-02 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +4 min

The US Virgin Islands is suing JPMorgan for facilitating Jeffrey Epstein's sex-trafficking scheme. The finger-pointing comes in response to a lawsuit the US Virgin Islands attorney general filed against JPMorgan in December, in a Manhattan federal court. In court filings Wednesday asking a judge to dismiss the US Virgin Islands lawsuit, JPMorgan said the US territory got greedy after already reaching a settlement with Epstein's estate last year. If anything, JPMorgan claims, the Virgin Islands attorney general's office was in an even better position to stop Epstein's trafficking scheme given its powers as a law enforcement agency. In fact, JPMorgan says, the Virgin Islands government "granted Epstein and his businesses lucrative privileges and massive tax incentives."

☆ How Charlie Javice's Frank Sale to JP Morgan Wound up in Allegations of Fraud
▼ + stars: | 2023-01-21 | by ( Katherine Long | Jack Newsham | ) www.businessinsider.com time to read: +21 min

Her financial aid startup, Frank, was featured in the New York Times, CNBC and Wall Street Journal. After leaving the University of Pennsylvania's Wharton business school, Javice traded on her reputation, bolstered by glowing profiles, as a successful entrepreneur. In a 2018 interview with Insider, Javice claimed Frank secured an average of $28,000 for its users, and was helping students get "thousands off their tuition." "Charlie's first company fizzled after 18 months, so after losing all her investors' money, she convinced every one of them to fund her next company, Frank." At Frank, Javice admitted she sometimes painted a more positive picture of the company's health than was supported by the facts.

☆ JPMorgan shutters website it paid $175 million for, accuses founder of inventing millions of accounts
▼ + stars: | 2023-01-12 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

JPMorgan Chase on Thursday shut down the website for a college financial aid platform it bought for $175 million after alleging that the company's founder created nearly 4 million fake customer accounts. JPMorgan touted the deal as giving it the "fastest-growing college financial planning platform" used by more than five million students at 6,000 institutions. Specifically, after being pressed for confirmation of Frank's customer base during the due diligence process, Javice used a data scientist to invent millions of fake accounts, according to JPMorgan. "Javice represented in documents placed in the acquisition data room, in pitch materials, and through verbal presentations [that] more than 4.25 million students had created Frank accounts." Instead of gaining a business with 4.25 million students, JPMorgan had one with "fewer than 300,000 customers," JPMorgan said in the suit.

☆ Banks seek to quash women’s lawsuits in Jeffrey Epstein case
▼ + stars: | 2023-01-01 | by ( The Associated Press | ) www.nbcnews.com time to read: +1 min

NEW YORK — Deutsche Bank and JPMorgan Chase are asking a federal court to throw out lawsuits that claim the big banks should have seen evidence of sex trafficking by Jeffrey Epstein, the high-flying financier who killed himself in jail while facing criminal charges. The banks said in filings late Friday they didn’t commit any negligent acts that caused harm to the women who filed the lawsuits and that the lawsuits failed to show that they benefitted from Epstein’s sex trafficking. The lawsuits, which seek class-action status to represent other Epstein victims, claim that the banks knowingly benefitted from Epstein’s sex trafficking and “chose profit over following the law” to earn millions of dollars from the financier. “Without the financial institution’s participation, Epstein’s sex-trafficking scheme could not have existed or flourished,” the lawsuits claim. JPMorgan Chase said Friday that the Jane Doe in its case “is entitled to justice ...

☆ Inside the little-known tool that gives JPMorgan Chase the power to collect data about everything its employees do at work
▼ + stars: | 2022-05-27 | by ( Reed Alexander | ) www.businessinsider.com time to read: +22 min

Insider learned about the WADU system through interviews and leaked internal documents that explain what kinds of data it captures. Though the use of Palantir was reportedly for security purposes, JPMorgan employees who spoke to Bloomberg said the situation quickly escalated. When companies are opaque about how they use employee data, the consequences can be detrimental — from harming employee "engagement" to eroding their "mental health," Garr said. Companies that fail to do this run the risk of cultivating the kind of mistrust that JPMorgan employees claim is running rampant through their ranks. "It does not sit well with me, what they're doing," said the US-based staffer with direct knowledge of the WADU system.

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