LONDON (Reuters) -JP Morgan 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.
(Reporting by Sam TobinEditing by Mark Potter)
