JPMorgan is facing a $115 million legal bill.

JPMorgan Chase & Co. is trying to avoid paying a legal bill of 115 million dollars related to two imprisoned fraudsters who defrauded the bank out of 175 million dollars.

In a court filing made on Friday, JPMorgan appealed a previous decision that mandated the bank to cover legal expenses for the alleged fraudsters, former business partners Charlie Javice and Olivier Amar. These expenses had been previously billed by the court as 60.1 million dollars and 55.2 million dollars for Javice and Amar, respectively.

According to insider information, a spokesperson for the bank described the legal costs as 'absolutely excessive and outrageous' and stated that preparations are being made to present these claims to the court.

Javice and Amar managed to obtain a nine-figure sum by manipulating data to mislead the bank. The merger agreement between JPMorgan and the student loan startup named Frank required the bank to cover the founders' legal expenses.

The Delaware court upheld the obligation to finance the founders' defense in criminal, civil, and SEC cases. This highlights the importance of legal measures necessary to prevent fraud and deception.

JPMorgan is currently fighting to recover these expenses as part of a 287.5 million dollar compensation claim, which also includes losses related to the merger.

The ongoing legal battle showcases the potential risks and liabilities that financial institutions like JPMorgan may face in business partnerships.