JP Morgan Chase & Co. (JPM.N), one of Wall Street’s leading banks, has filed two lawsuits against fintech company Viva Wallet, escalating a legal battle over the valuation of the Greek business. The lawsuits, filed in Greece and the UK, center around JP Morgan's 2022 investment in Viva Wallet and alleged efforts by Viva’s leadership to diminish its value.
JP Morgan’s Greek subsidiary, JPMorgan International Finance Limited (JPMIFL), filed a lawsuit in Greece on January 2, 2025, seeking €916 million ($944 million). The lawsuit accuses Viva Wallet CEO Haris Karonis and three executives of engaging in unlawful actions since March 2022 to deprive the bank of the value of its €800 million investment.
The allegations include:
JP Morgan’s UK lawsuit, filed on January 7, 2025, accuses WRL of breaching shareholder agreements by causing Viva to disregard JP Morgan’s consent rights for significant business decisions. This includes unauthorized changes to Viva’s governance structure and plans for an acquisition without the bank’s approval.
JP Morgan acquired a 48.5% stake in Viva Wallet for approximately $800 million in 2022. WRL, which holds a 51.49% stake, loses its veto rights over any JP Morgan offer to take full control of Viva if the company’s valuation falls below €5 billion ($5.4 billion) by July 30, 2025.
In June 2024, both sides claimed partial victory after a London judge issued a ruling on valuation procedures, further complicating the relationship between the two parties.
Haris Karonis, Viva Wallet’s CEO, confirmed the lawsuits in an emailed statement to Reuters but denied the allegations. He described the legal actions as a concerted effort to intimidate Viva’s leadership and block its global expansion, particularly in the United States.
“These proceedings are simply the latest step in JPM’s concerted effort to depreciate Viva's value, to preclude it from expanding in the United States and elsewhere, and intimidate its directors,” Karonis said.
