J.P. Morgan International Finance Limited v Werealize.com Limited

This is the latest dispute in a broader shareholder dispute concerning the Greek fintech company, Viva Wallet Holdings Software Development SA (“Viva Wallet”). The terms of the shareholder relationship is governed by an agreement (the “SHA”) between JPM, WEREALIZE.COM (“WRL”) and Viva Wallet.

By the Greek Proceedings, JPM sued a co-founder of Viva Wallet and three individual directors of Viva Wallet that had been nominated as directors to the board of Viva Wallet (the “Directors”). JPM claimed in the Greek Proceedings that its shareholding rights in Viva Wallet had been rendered effectively worthless by the conduct of the Directors, and sued them for almost €1 billion in damages.

The SHA contained an exclusive jurisdiction agreement in favour of the English courts, as well as a “no liability” clause in favour of the Directors. The Commercial Court granted ASI relief against JPM on the basis that the SHA contained an implied term to the effect that the Directors could not be sued in a jurisdiction that would otherwise render ineffective the no liability clause.

Robert Weekes KC, Timothy Lau and Warren Fitt (along with Richard Lissack KC and Charles Redmond of Fountain Court) acted for WRL and the Directors, instructed by Quinn Emanuel Urquhart & Sullivan LLP.

The judgment following the expedited trial can be found here.