“Instead of gaining a business with 4.25 million students, JPMorgan had one with "fewer than 300,000 customers," JPMorgan said in the suit.”
The country’s biggest bank paid $175 million for Frank and found out it was fake by sending a marketing email. About 70% of 400,000 messages bounced. The founder allegedly asked a data science professor whether the fake emails would “look real with an eye check.” JPMorgan’s due diligence never tried the one test its spam department ran on day one.