Two new lawsuits over its investment in Viva Wallet have been filed by JPMorgan Chase, Bloomberg reports. In the lawsuit filed in the Greek courts, the bank is claiming €916 million, alleging that Viva's CEO, Haris Karonis, along with three other executives, extracted the value of its investment from JPMorgan in 2022.

The second lawsuit in the UK was filed this week against Werealize.com. JP Morgan Chase claims the company violated shareholder agreements with the bank. Harry Karoni's Werealize.com owns about 51% of Viva Wallet, and JPMorgan owns the rest, but the deal gave the US lender the right to buy out Karoni's stake.

THE VALUATION DISAGREMENTS

The two sides went to court in London in 2024 as disagreements over valuation arose. A judge subsequently cleared the way for a new valuation in June, as there was a €2bn difference in the valuation of Viva Wallet.

"We are disappointed that since the company's investment in 2022, WRL has repeatedly and persistently sought to undermine JPMorgan's rights by violating the agreement that formed the basis of the company's investment," a JPMorgan spokesperson said. "We now look to the courts to enforce the terms of the contract agreed between us," he added.

REPLY OF KARONIS

"In response to various legal actions already taken against JPM during 2024, JPM yesterday initiated proceedings against certain members of Viva's board of directors," Karonis told Bloomberg. "These proceedings are just the latest step in JPM's concerted effort to undervalue Viva, to foreclose its expansion in the US and elsewhere and to intimidate its directors by restricting their freedom of action," he added.