JPMorgan Chase Forced To Halt $1,100,000,000 Lawsuit Against Fintech Firm Execs, Court Rules: Report

Description

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 r...