The biggest bank in the US is being forced to stand down on a $1.1 billion lawsuit against the executives of the Greek fintech firm Viva Wallet after a court ruling in the UK.
In 2022, JPMorgan Chase acquired a 48.5% stake in Viva, while Werealize, a company owned by Viva’s CEO Haris Karonis, held the remaining 51.49%.
JPMorgan and Werealize’s shareholder agreement reportedly specified that if Viva’s valuation fell below EUR 5 billion ($5.81 billion) by July 30th, 2025, JPMorgan would have the right to exercise a call option to assume full control of the company.
When JPMorgan was unable to trigger a call option on Viva, the bank filed its suit, claiming that Viva blocked key business opportunities, sabotaging the company and reducing its valuation.
Reuters reports that following court proceedings, JPMorgan must stand down on its lawsuit.
A spokesperson for WeRealize says that the bank should “engage in productive discussions” about Viva’s future.
“JPM must now step aside and allow Viva to continue growing and reach its full commercial potential.”
Says a spokesperson for the bank,
“While we will continue to address their litigious tactics, and many matters are still being resolved by the courts, our commitment remains steadfast to the business and our investment.”
Both JPMorgan and Werealize have also filed defamation suits against each other in Greece.
Judge David Foxton, the judge overseeing the dispute in the UK, noted that the relationship between the two companies has been “acrimonious, albeit a fruitful one for the legal community.”
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