The authorized battle between JP Morgan Chase And Greece FIFA wallet It isn’t over but.
The Wall Avenue banking big has filed A pair of lawsuits Relating to its funding in monetary know-how, Reuters reported on Wednesday (January 8). This represents the most recent chapter within the ongoing dispute between the 2 corporations over the worth of Viva Pockets.
The Reuters report, citing a supply aware of the matter, stated that JP Morgan filed a lawsuit in Greece final week demanding $944 million and claiming that FIFA founder and CEO Haris Karonis and three different executives “disadvantaged JP Morgan of the worth of its investments in 2022.” In Viva via unlawful actions from March 2022 onwards.
PYMNTS has contacted Viva for remark however has not but obtained a response. Karonis confirmed the claims in an announcement to Reuters.
“These actions are merely the most recent step in a concerted effort by JPMorgan to devalue FIFA, to forestall it from increasing within the US and elsewhere, and to intimidate its administrators,” the CEO stated.
Viva Pockets affords card acceptance via the Level of Sale (POS) app, further Google Play gadgets and fee techniques via on-line shops throughout Europe. It’s now one of many largest fintech corporations in Europe.
JP Morgan Bought a 48.5% stake In FinTech in late 2022 for roughly $800 million. Funding agency Werealize holds the remaining stake. The Reuters report notes that the deal prevents Werealize from rejecting any provide from JP Morgan to take management of Viva if the corporate’s worth falls beneath €5 billion by July 30 this 12 months.
In response to Reuters, JPMorgan additionally this week filed a lawsuit in opposition to Werealize, alleging that the corporate violated shareholder agreements by inflicting Viva to fail to honor an obligation to acquire JPMorgan’s approval earlier than taking sure “vital enterprise actions.”
Spokesperson J.P. Morgan instructed PYMNTS, “We’re disillusioned that because the firm’s funding in 2022, WRL has repeatedly sought to undermine JPM’s rights by violating the settlement that shaped the premise of the corporate’s funding. These actions not solely hurt Viva, but additionally hurt Greece’s attractiveness for vital future investments. We sit up for Now to the courts to implement the phrases of the contract agreed between us.
PYMNTS has reached out to Werealize for remark however has not but obtained a response.
In February final 12 months, Karonis filed a lawsuit in opposition to JP Morgan, accusing the bigger firm of attempting to do exactly that Viva rating downgraded. The lawsuit additionally alleged that J.P. Morgan was stopping Viva from increasing into the U.S. and new European markets, and was leasing the corporate by permitting J.P. Morgan’s funds enterprise to compete with Viva in components of Europe.
JPMorgan additionally filed a earlier lawsuit in opposition to Viva’s Karonis, accusing the founding father of taking actions to “restrict or circumvent our contractual and authorized rights as an investor.”
In June 2024, a decide in London He issued a ruling On how Viva was evaluated, either side expressed their satisfaction with the outcome.
(tags for translation) Digital Wallets
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