The biggest bank in the US is being forced to stand down on a $1.1 billion lawsuit against the executives of the Greek fintech firm Viva Wallet after a court ruling in the UK.
In 2022, JPMorgan Chase acquired a 48.5% stake in Viva, while Werealize, a company owned by Viva’s CEO Haris Karonis, held the remaining 51.49%.
JPMorgan and Werealize’s shareholder agreement reportedly specified that if Viva’s valuation fell below EUR 5 billion ($5.81 billion) by July 30th, 2025, JPMorgan would have the right to exercise a call option to assume full control of the company.
When JPMorgan was unable to trigger a call option on Viva, the bank filed its suit, claiming that Viva blocked key business opportunities, sabotaging the company and reducing
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