High Court Ruling: JP Morgan Must Stop Suing Viva Wallet Directors in Greece

In January, the US bank JP Morgan initiated legal proceedings against the CEO and three other directors of Greek fintech company Viva Wallet based in Athens. The lawsuit sought EUR 916 million (USD 1.1 billion).

Following this action, Viva’s majority shareholder Werealize and the Viva directors filed for an anti-suit injunction in London to prevent JP Morgan from pursuing its case in Greece. The judge granted the injunction on grounds that suing in Greece would violate the shareholders’ agreement between JP Morgan and Werealize.

Reaction and Response

Reuters reported that Werealize’s spokesperson urged JP Morgan to engage in productive discussions about Viva’s future, insisting that the bank must now step aside and allow Viva to continue developing. In response, JP Morgan cited the court’s rejection of some of Werealize’s arguments, particularly regarding the claim of oppression, and maintained its commitment to addressing litigious tactics.

According to Reuters, both lawsuits were filed at the beginning of 2025 over allegations that Viva Wallet’s CEO and three other executives had acted unlawfully, depriving JP Morgan of the value of their 2022 investment. Officials from Viva confirmed these lawsuits but termed them as acts of intimidation without providing further details or comments.

In 2022, JP Morgan acquired a 48.5% stake in Viva Wallet for approximately USD 800 million, focusing on businesses in southern Europe. At that time, Werealize owned the remaining 51.49%. The deal stipulated that under certain conditions, WRL would no longer have the right to reject any offer from JP Morgan to take control of Viva if its valuation fell below EUR 5 billion by July 30, 2025.