JPMorgan’s acquisition of Viva Wallet backfires as more lawsuits file

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Lawsuits are being filed between JPMorgan and Viva Wallet, the European cross-border payments platform in which the US bank acquired a 49% stake last year.

According to the FT, Harry Karonis, the founder and CEO of Viva Wallet, has filed legal action against the Wall Street bank for what he claims are tactics to stifle his company’s growth. According to legal documents obtained by the Financial Times, Karonis claims that JPMorgan is attempting to reduce his company’s valuation by preventing it from entering the US and new European markets.

JPMorgan has also filed a claim against Karonis, alleging that the bank is attempting to “limit or circumvent our contractual and legal rights as an investor”.

Read More: Viva Wallet acquisition turns sour for JPMorgan as lawsuits filed

TalkFintech Bureau
TalkFintech Bureauhttps://talkfintech.com
TalkFintech is focused on the latest financial sector technologies and tools- covering all tech used by banks, investors, insurance, and wealth management sectors- and also conversations on retail financial management tools.

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