Following a three-day expedited trial in June 2025, the Commercial Court (Foxton J) has granted anti-suit relief restraining J.P. Morgan International Finance Limited (“JPM”) from pursuing proceedings in Greece against directors of Greek fintech company Viva Wallet.
JPM, a minority shareholder in Viva Wallet, commenced proceedings in Athens against a co-founder of Viva Wallet and three of its board directors (the “Directors”). JPM alleged that their conduct was wrongful under Article 919 of the Greek Civil Code and had diminished the value of its shareholding. JPM claimed nearly €1 billion in damages.
The shareholder agreement (“SHA”) between JPM, WEREALIZE.COM (“WRL”) and Viva Wallet contained English exclusive jurisdiction provisions and exclusions of liability. The Commercial Court held that one such exclusion of liability gave rise to an implied covenant preventing JPM from suing the Directors in jurisdictions that would not give effect to that exclusion and granted anti-suit relief on that basis. The Commercial Court rejected WRL’s and the Directors’ alternative arguments, including by declining to find that the Greek proceedings were vexatious and oppressive.
The Judge has indicated that he will grant JPM permission to appeal.
Richard Lissack KC and Charles Redmond (together with Robert Weekes KC, Timothy Lau and Warren Fitt of Blackstone Chambers) acted for WRL and the Directors, instructed by Richard East and Karabeth Ovenden of Quinn Emanuel Urquhart & Sullivan UK LLP.
Rosalind Phelps KC, Rupert Allen KC, Christopher Langley and Gillian Hughes acted for JPM, instructed by Christopher Robinson and Tom Clark of Freshfields LLP.
The judgment can be found here.
