London's High Court has ruled that JP Morgan must stop suing the directors of fintech Viva Wallet in the region of Greece.
The US bank brought a lawsuit in Athens in January against Viva's CEO and three other directors, seeking EUR 916 million (USD 1.1 billion) as part of a dispute over JP Morgan's investment in Viva.
Following the initiative, Viva's majority shareholder, Werealize, and the Viva directors responded by applying for an anti-suit injunction in London to stop JP Morgan pursuing its case in Greece. The judge granted the officials an anti-suit injunction, on the grounds that suing in Greece was a breach of JP Morgan and Werealize's shareholders' agreement.
More information on JP Morgan’s Greek lawsuit against Viva directors
According to Reuters, Werealize's spokesperson called on JP Morgan to engage in productive discussions about Viva's future, adding that the financial institution must now step aside and allow Viva to continue its development process. However, JP Morgan pointed to the court's rejection of many of Werealize's arguments, including that the Greek lawsuit was oppressive. The bank will continue to address the `litigious tactics`, as many matters are still being resolved by the courts, and its commitment will remain steadfast in its business and investments.
The lawsuit was filed at the beginning of 2025 over allegations that Viva Wallet’s CEO and three other executives deprived the financial institution of the value of its 2022 investment through unlawful actions. In addition, according to Reuters, officials of Viva Wallet confirmed the two lawsuits and denounced them as an act of intimidation, with no further details or comments being given at that time.
The US bank bought a 48.5% stake in Viva Wallet for about USD 800 million back in 2022, which was used by businesses in the region of southern Europe, while Werealize (WRL) had ownership of the other 51.49%. Under the terms of the deal, WRL lost its right to reject any JP Morgan offer to take control of Viva if the business is valued at below EUR 5 billion (USD 5.4 billion) by July 30, 2025.
