High Court Halts JP Morgan's Lawsuit Against Viva Wallet Directors
In a significant ruling, London's High Court has ordered Morgan Stanley to halt its lawsuit against the directors of Greek fintech company Viva Wallet. Judge David Foxton granted an anti-suit injunction on Friday, stating that pursuing the case in Greece breached a shareholders' agreement between Morgan Stanley and Werealize, Viva Wallet's majority shareholder.
The dispute began after Morgan Stanley acquired a 48.5% stake in Viva Wallet for nearly 810 million euros in 2022, with Werealize retaining 51.49%. In January, Morgan Stanley sued Viva's CEO Haris Karonis and three other directors in Athens, seeking 916 million euros. Viva Wallet and its directors responded by applying for an anti-suit injunction in London.
The legal battle has been complex. In January, the Court of Appeal ruled that Morgan Stanley effectively had 'one shot' at exercising its call option to acquire Werealize's shares. However, the dispute over this has not been resolved. Following Friday's ruling, both parties claimed victory. Werealize urged productive discussions about Viva's future, while Morgan Stanley committed to its business investment.
The High Court's ruling brings a pause to the legal tussle between Morgan Stanley and Viva Wallet's directors. The injunction halts the Greek lawsuit, potentially paving the way for negotiations between the parties. The future of Viva Wallet and its relationship with its major shareholders now hang in the balance.
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