Following this announcement, JP Morgan filed a lawsuit in Greece at the beginning of 2025, seeking EUR 916 million (USD 944 million) 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.
The US bank bought a 48.5% stake in Viva Wallet for about USD 800 million 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.
At the same time, both sides claimed success in June 2024, when a London judge issued a decision on how Viva Wallet should be valued after they sued each other on the valuation of the joint business.
JP Morgan also filed a case in the UK earlier this week against Werealize.com. The lawsuit claimed that the company breached shareholder agreements by causing Viva not to respect the obligations to obtain JP Morgan’s consent before taking some specified significant business actions and decisions.
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