JPMorgan Chase (JPM) must stop its lawsuit against directors of fintech firm Viva Wallet in Greece, according to a Friday ruling by London's High Court.
The court granted Viva Wallet CEO Haris Karonis and company directors an anti-suit injunction on the grounds that pursuing legal action in Greece was a breach of the shareholders' agreement between JPMorgan and Werealize, the ruling said.
JPMorgan, which acquired a 48.5% stake in Viva Wallet in 2022, sued Karonis and other directors in a Greek court in January, seeking 916.9 million euros ($1.1 billion) in a dispute over the bank's investment in the fintech company, according to the ruling.
In a statement to MT Newswires, a JPMorgan spokesperson said that the court had "ruled predominantly" in the bank's favor because it rejected all but one of Werealize's claims.
"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," the JPMorgan spokesperson said.
Viva Wallet and Werealize did not immediately reply to requests for comment from MT Newswires.
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