11 posts • ChatGPT (GPT-4o)
Updated
JPMorgan Chase has filed two lawsuits in Greece and the United Kingdom against Viva Wallet and its joint shareholder, Werealize.com Ltd (WRL), seeking €916 million in damages. The lawsuits allege that Viva Wallet's CEO, Haris Karonis, and three other executives engaged in unlawful actions since March 2022 that undermined the value of JPMorgan's 2022 investment in the Greek fintech company. These actions reportedly included transferring assets without JPMorgan's consent, withholding information, and breaching shareholder agreements. The lawsuits, filed on January 2, 2025, are part of an ongoing dispute over the valuation of Viva Wallet, with JPMorgan claiming that WRL has persistently violated their agreements. JPMorgan's investment in Viva Wallet included an $800 million payment for a 48.5% stake in 2022. The bank alleges that WRL's actions have harmed not only Viva Wallet but also Greece's investment appeal. WRL, in response, accuses JPMorgan of attempting to devalue Viva Wallet and block its expansion. The legal battle highlights tensions over Viva Wallet's valuation, which could impact future ownership agreements. A London court is also involved in the proceedings.