The largest bank in the US is forced to stand a lawsuit of $ 1.1 billion against the managers of the Greek Fintech firm Viva Wallet after a court who ruled in the UK.
In 2022, JPMorgan Chase acquired an interest of 48.5% in VIVA, while Wealize, a company owned by Viva’s CEO Haris Karonis, had the remaining 51.49%.
The shareholders’ agreement of JPMorgan and Wealize has reportedly indicated that if Viva’s valuation fell under EUR 5 billion ($ 5.81 billion) by 30 July 2025, JPMorgan would have the right to exercise a call option to undertake full control of the company.
When JPMorgan was unable to activate a call option at Viva, the bank submitted its lawsuit, and claimed that Viva blocked important business opportunities, sabotaged the company and reduced the appreciation.
Reuters reports that JPMorgan must come to his court case after legal proceedings.
A Wealize spokesperson says that the bank “must have productive discussions” about the future of Viva.
“JPM now has to go aside and let Viva grow and reach its full commercial potential.”
Says a bank spokesperson,
“Although we will continue to tackle their litigious tactics, and many things are still being resolved by the courts, our obligation remains steadfast for the company and our investment.”
Both JPMorgan and Wealize have also submitted slander suits against each other in Greece.
Judge David Foxton, the judge who supervised the dispute in the UK, noted that the relationship between the two companies was ‘bitter, albeit a fruitful one for the legal community’.
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