Latest news with #HarisKaronis
Yahoo
22-07-2025
- Business
- Yahoo
Judge grants injunction against JPMorgan to Viva Wallet directors
This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. A U.K. judge has ordered JPMorgan Chase to stop suing the directors of Greek fintech Viva Wallet amid its international legal battle with Viva majority shareholder Werealize. JPMorgan sued four Viva executives, along with Werealize, for €917 million in damages in January, one year after Viva CEO Haris Karonis first sued the U.S. bank for allegedly impeding the fintech's growth. JPMorgan alleged that the fintech's executives deprived the bank of 'the value of its investment in Viva' through illegal actions starting in March 2022. JPMorgan purchased 49.5% of Viva earlier in 2022, and the balance of the fintech is owned by Werealize. But U.K. Judge David Foxton granted Werealize and Viva's directors an anti-suit injunction Friday on the grounds that filing the lawsuit in Greece violated the firms' shareholder agreement. 'We welcome the Court's finding that JPM breached its Shareholders' Agreement (SHA) with WRL and must discontinue its baseless Greek proceedings against certain Viva board members, in which it claimed €917 million in damages (the amount invested in Viva),' Karonis said in a prepared statement. 'Today's judgment exposes JPM's strategy for what it is: a targeted campaign of lawfare, aimed at pressuring WRL and intimidating Viva's directors through meritless litigation, solely to obstruct WRL's contractual right to exercise its call option and assume full control of Viva.' He added that the bank 'must now step aside and allow Viva to continue growing and reach its full commercial potential.' JPMorgan, however, also claimed victory following Foxton's ruling. 'We are pleased that the court ruled predominantly in our favor, and that WRL/Viva can no longer unjustly target our colleagues who served diligently on the Viva board,' a spokesperson said via email. 'It is worth noting that Greek courts independently dismissed their baseless charges against our colleagues, as well.' 'The UK court also rejected any claims of JPM acting abusively or in bad faith,' the spokesperson said. 'While we will continue to address their litigious tactics, and many matters are still being resolved by the courts, our commitment remains steadfast to the business and our investment.' While Karonis called on JPMorgan to 'bring an end to this pattern of self-embarrassment and engage in productive discussion,' JPMorgan's spokesperson said the bank hopes the rulings encourage Werealize 'to redirect their focus and energy towards the success of Viva.' In May, JPMorgan withdrew its claim that Werealize breached its shareholder agreement with JPMorgan by allowing Viva to take certain business actions without obtaining JPMorgan's consent. The claims were specific to the U.K. lawsuit.
Reuters
18-07-2025
- Business
- Reuters
JP Morgan must stop Greek lawsuit against Viva directors, UK court rules
LONDON, July 18 (Reuters) - JP Morgan (JPM.N), opens new tab must stop suing directors of fintech Viva Wallet in Greece, London's High Court ruled on Friday, in the latest round of a bitter legal battle over the Greek startup. The U.S. bank brought a lawsuit in Athens in January against Viva's CEO Haris Karonis and three other directors, seeking 916 million euros ($1.1 billion) as part of a dispute over JP Morgan's investment in Viva. 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. Judge David Foxton granted Karonis and the other directors an anti-suit injunction, on the grounds that suing in Greece was a breach of JP Morgan and Werealize's shareholders' agreement. Both Werealize and JP Morgan claimed victory after Friday's ruling, as the two sides also did last year when the High Court ruled on their respective call options to purchase the other's Viva shares. Werealize's spokesperson called on JP Morgan to "engage in productive discussions" about Viva's future, adding: "JPM must now step aside and allow Viva to continue growing and reach its full commercial potential." JP Morgan, however, pointed to the court's rejection of many of Werealize's arguments, including that the Greek lawsuit was hopeless or oppressive. "While we will continue to address their litigious tactics, and many matters are still being resolved by the courts, our commitment remains steadfast to the business and our investment," a spokesperson for the bank said. JP Morgan bought a 48.5% stake in Viva Wallet, which is used by businesses in southern Europe, for nearly 810 million euros in 2022, while Karonis' Werealize owns 51.49%. In January, the Court of Appeal ruled that JP Morgan effectively had "one shot" at exercising its call option to acquire Werealize's shares, though the parties' dispute over whether that has taken place has not yet been resolved. JP Morgan and Werealize and its directors have also filed defamation lawsuits against each other in Greece. Foxton said the business relationship has been "acrimonious, albeit a fruitful one for the legal community" in Britain and Greece.
