JPMorgan Chase, America’s largest bank, has been forced to drop a massive $1.1 billion lawsuit against the executives of Greek fintech firm Viva Wallet. A UK court ruled against the bank, bringing an end to the high-stakes legal battle.
The Background
In 2022, JPMorgan bought a nearly 50% stake in Viva Wallet. The remaining shares were held by Werealize, a company owned by Viva’s CEO, Haris Karonis. Their agreement included a clause: if Viva’s valuation dipped below €5 billion by July 30, 2025, JPMorgan could take full control.
When JPMorgan couldn’t trigger this takeover clause, they sued, claiming Viva intentionally undermined its own value by blocking business opportunities.
The Ruling
A UK court sided against JPMorgan, forcing them to halt the lawsuit. Werealize responded by urging JPMorgan to engage in constructive talks about Viva’s future, stating that the bank should “step aside and allow Viva to continue growing.”
JPMorgan, while acknowledging the court’s decision, maintains its commitment to Viva and its investment. They also plan to continue addressing what they see as “litigious tactics” from the other side. The legal fight isn’t entirely over, though, as both sides have filed defamation suits against each other in Greece.
The judge overseeing the UK case described the relationship between JPMorgan and Werealize as “acrimonious, albeit a fruitful one for the legal community.”