A recent British court ruling on the ongoing dispute between J.P. Morgan and Viva Wallet’s majority shareholders, Haris Karonis and Makis Antypas (represented by WeRealize – WRL), has led both sides to claim victory. The ruling concerns J.P. Morgan’s attempt to acquire a majority stake in Viva Wallet.
Karonis’s side interprets a specific point (Point 129) in the decision as preventing J.P. Morgan from taking over Viva without WRL’s consent, claiming the bank lost its right to exercise a call option. They believe this removes a barrier to cooperation and Viva’s future development.
J.P. Morgan, however, views the ruling as a significant win, affirming their stance on the company’s valuation and their investment. They intend to seek legal cost reimbursement from WRL and emphasize the need for WRL to adhere to the terms of their agreement and fair business practices.
The core of the disagreement appears to revolve around Viva Wallet’s expansion into the US market. J.P. Morgan asserts the ruling supports their position that such expansion is not permissible, while Karonis argues the ruling protects Viva’s valuation against J.P. Morgan’s alleged attempts to diminish it. He maintains that J.P. Morgan had a single opportunity to acquire the company, which they attempted in January 2024 and was rejected by WRL.
This latest verdict is part of a series of legal battles between the two parties, with several other lawsuits still pending. Most notably, J.P. Morgan filed a €916 million lawsuit in Greece in early January against Karonis and three board members, alleging illegal actions that damaged the value of their stake in Viva. This occurred around the same time as their lawsuit against WRL in the English court for alleged breach of the shareholders’ agreement.
While both sides celebrate this particular outcome, the fundamental disagreements persist, and the future of Viva Wallet remains subject to ongoing legal proceedings. The possibility of an appeal by J.P. Morgan remains unclear.