London's High Court on July 18, 2025, ordered JPMorgan Chase to stop its €917 million ($1.1 billion) lawsuit in Greece against four directors of Greek fintech firm Viva Wallet, including CEO Haris Karonis. Judge David Foxton granted the anti-suit injunction on the grounds that JPMorgan's Greek lawsuit breached the shareholders' agreement between the bank and Viva Wallet's majority shareholder, Werealize. The ruling represents the latest development in the bitter legal battle between JPMorgan and Viva Wallet, which began after the bank purchased a 48.5% stake in the fintech for nearly €810 million in 2022, while Karonis' Werealize owns 51.49% of the shares.
JPMorgan initiated its lawsuit in Athens in January, claiming that Viva's executives had deprived the bank of the value of its investment in Viva through illegal actions beginning in March 2022 and impeded the fintech's growth. The legal dispute centers around the shareholder agreement, which reportedly specified that if Viva's valuation fell below €5 billion ($5.81 billion) by July 30, 2025, JPMorgan would have the right to exercise a call option to assume full control of the company. Viva's directors argue that the bank is using legal action as a tool to pressure Werealize and intimidate Viva's directors. Following the UK court ruling, both sides claimed victory: Werealize called on JPMorgan to engage in productive discussions about Viva's future and step aside and allow Viva to continue growing and reach its full commercial potential, while JPMorgan's spokesperson highlighted that the court rejected many of Werealize's arguments, including that the Greek lawsuit was hopeless or oppressive.
Despite the ruling, hostilities between the two parties are expected to continue, as other legal matters remain unresolved, including the dispute over JPMorgan's exercise of its call option and defamation lawsuits filed against each other in Greece. In January, the Court of Appeal ruled that JPMorgan effectively had one shot at exercising its call option to acquire Werealize's shares, though the parties' dispute over whether that has taken place has not yet been resolved. Judge Foxton described the relationship between the two companies as acrimonious, albeit a fruitful one for the legal community in Britain and Greece, referring to the overlapping legal proceedings in both countries. JPMorgan's spokesperson emphasized that the bank's commitment remains steadfast to the business and our investment while continuing to address litigious tactics, as many matters are still being resolved by the courts.
Sources:
Gabrielle Saulsbery
Alex Richardson
The Daily Hodl
