JPMorgan discontinues selected claims in its Viva legal action
In an international legal saga that began in February 2024, JPMorgan Chase finds itself embroiled in a contentious dispute with Greek fintech company Viva Wallet and its tech firm-majority shareholder, WeRealize. The dispute, centred around the purchase licensing rights, has escalated into what WeRealize publicly accuses as a legal "proxy war" waged by JPMorgan in Greece, aimed at obstructing WeRealize's attempts to acquire certain rights.
The dispute traces back to January 2022, when JPMorgan invested approximately $1 billion in Viva, a move that valued the company at around $2 billion. However, allegations of illegal actions by Viva's CEO and directors, starting from March 2022, are said to have deprived JPMorgan of the value of its investment. As a result, JPMorgan filed two lawsuits in January 2023, one in the U.K. and one in Greece, seeking to recoup €917 million in investment losses.
While JPMorgan withdrew its claims against WeRealize, alleging breach of shareholder agreement, in the U.K. lawsuit, it has no intention of withdrawing its broader damages claim. The withdrawal was welcomed by WeRealize's spokesperson, who characterised it as a "full-scale retreat." However, JPMorgan maintains its stance, emphasising that it is seeking €917 million in damages from Viva Wallet.
The legal dispute between the parties is being heard in a U.K. court, with JPMorgan expressing satisfaction that WeRealize is no longer seeking to breach certain aspects of the contractual agreement between them. This has allowed them to narrow other issues in dispute. Meanwhile, WeRealize remains focused on delivering on its commitments, upholding contractual obligations, and defending Viva's future.
WeRealize's lawsuit against JPMorgan includes allegations of blocking expansion into the U.S. and pursuing hostile litigation. On the other hand, Haris Karonis, Viva Wallet's CEO, sued JPMorgan in February 2024 for allegedly impeding Viva's growth. JPMorgan did not withdraw its claims against Karonis and three directors.
The current status of the legal dispute indicates an ongoing contentious battle, with legal maneuvers ongoing, especially focused on WeRealize's attempt to acquire certain rights being obstructed by JPMorgan Chase's legal actions in Greece. Detailed updates or resolutions have not been disclosed in the available sources as of late June 2025. The legal dispute between the parties is expected to continue in both the U.K. and Greece.
- The finance company, JPMorgan Chase, is embroiled in a business dispute with Greek fintech company Viva Wallet and its tech firm majority shareholder, WeRealize, over purchase licensing rights, with JPMorgan seeking €917 million in damages to recuperate investment losses.
- The business conflict between JPMorgan and WeRealize remains ongoing, as JPMorgan continues to obstruct WeRealize's attempts to acquire certain rights in Greece, which WeRealize alleges is part of a legal "proxy war."
