JPMorgan Files Two Lawsuits in Greece and UK Over Viva Wallet

JPMorgan Chase & Co. filed two new lawsuits over its investment in Greek fintech Viva Wallet in a messy dispute with its join venture partner Werealize.com Ltd.

In a Greek lawsuit the bank is claiming €916 million ($943 million) over allegations that Viva’s chief executive officer, Haris Karonis, and three other executives deprived JPMorgan of the value of its 2022 investment, according to a person familiar with the matter.

The second case in the UK filed this week against Werealize.com claims it breached shareholder agreements with JPMorgan, the person said. Karonis’ Werealize.com owns around 51% of Viva Wallet and JPMorgan the rest, but the agreement gave the lender a right to buyout Karonis.

“In response to several legal actions already taken against JPM throughout 2024, JPM yesterday served proceedings against certain Viva’s board of directors,” Karonis told Bloomberg. “These proceedings are simply the latest step in JPM’s concerted effort to depreciate Viva’s value, to preclude it from expanding in the US and elsewhere, and intimidate its directors restricting their freedom of action.”

The two sides took to a London court in 2024 as disagreements over the valuation surfaced. A judge then paved the way in June for a fresh valuation after there was a €2 billion difference in the valuation of Viva Wallet.

“We are disappointed that since the firm’s investment in 2022, WRL has repeatedly and persistently sought to undermine JPMorgan’s rights by breaching the agreement that formed the basis of the firm’s investment,” a JPMorgan spokesperson said in a statement. “We now look to the courts to enforce the contract terms agreed upon between us.”