JPMorgan Sued Over $1 Million in Legal Bills for Former Advisor
A former top producer at J.P. Morgan Advisors is seeking an order forcing his former employer to cover growing legal costs. Arif Ahmed, a 26-year industry veteran, asked a New York state court to rule that JPMorgan Chase & Co. must advance and pay any attorneys' fees, costs, and expenses he incurred in defending against litigation stemming from his work at the bank.
The dispute began in October when Ahmed asked a Delaware state court to rule on the same issue. The Delaware court ruled in January that Ahmed was entitled to partial 'advancement' of the funds but would need to seek arbitration for the unreimbursed portion, which totals over $1 million, according to his most recent lawsuit.
Ahmed argued that the arbitrators had declined to expedite his case and that he could be forced to abandon his defense strategy due to steepening legal bills. The bank's obligations stem from agreements Ahmed made with his former employer First Republic, which JPMorgan bought out of government receivership in May 2023.