Haris Karonis, the founder of Greek company more.com (formerly Viva), has initiated legal action against JP Morgan, alleging that the bank is attempting to hinder his company’s growth.
Karonis accuses JP Morgan of trying to devalue his business by obstructing its expansion into new markets, particularly in the United States and Europe.
He also claims that JP Morgan allowed its own payment business to compete with Viva in certain European markets.
In response, JP Morgan has counter-sued Karonis, alleging that his actions are impeding their rights as investors.
The legal dispute has escalated, with both parties filing claims in the Supreme Court of London.
The disagreement extends to the valuation of Viva, with JP Morgan and Karonis’ holding company, WRL, unable to reach a consensus.
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Despite the legal battle, JP Morgan maintains confidence in Viva Wallet and its investment in the company.
The terms of JP Morgan’s investment allow them to assume full control of Viva if its value falls below a certain threshold by June 2025.