JP Morgan sues US$175 million start-up, claiming fake accounts

JP Morgan Chase is suing the founder of student aid advice platform 'Frank' that it bought in August 2021, claiming that CEO and founder Ms Charlie Javice "decided to lie" about the success, size, and depth of market penetration of the start-up she created in 2017 to justify the US$175 million price tag.

By Sara Lewis

JP Morgan Chase (JPMC) is suing the founder of student aid advice platform 'Frank' that it bought in August 2021, claiming that CEO and founder Ms Charlie Javice "decided to lie" about the success, size, and depth of market penetration of the start-up she created in 2017 to justify the US$175 million price tag.