Wall Street giant JP Morgan has filed two new lawsuits to reignite its legal battle with Greek fintech company Viva Wallet.
The lawsuits centre on a disagreement over the worth of Viva Wallet, a key issue that has strained the relationship between the two companies since JP Morgan invested in Viva in 2022.
The first lawsuit, filed in Greece on January 2nd, claims that Viva’s CEO and three other executives took “unlawful actions” that hurt the value of JP Morgan’s investment. JP Morgan is seeking damages for €916 million ($944 million). Viva’s CEO, Haris Karonis, dismissed the lawsuit as an intimidation tactic designed to limit Viva’s growth.
The second lawsuit, filed in the UK this week, accuses Viva’s majority owner, Werealize, of breaching shareholder agreements. JP Morgan alleges Werealize caused Viva to disregard certain business decisions requiring JP Morgan’s consent.
This is the latest chapter in a saga that began with JP Morgan acquiring a 48.5% stake in Viva for $800 million in 2022. The deal included a clause granting JP Morgan the right to buy out Werealize if Viva falls below a €5 billion valuation by July 30th, 2025.
In June 2024, a London judge offered a ruling on how to value the business after both parties filed lawsuits regarding valuation. However, it appears the decision hasn’t settled the dispute entirely.