Haris Karonis, the founder and CEO of a financial technology business co-owned by JPMorgan, has sued the bank over tactics he claims have suppressed his company’s growth, Owen Walker of The Financial Times reports. Karonis founded Viva Wallet in 2000 and said he believes JPMorgan is trying to drive down his business’ valuation by blocking its entry into the U.S. and new European markets, according to legal documents reviewed by the Times. Under the term’s of JPMorgan’s investment in Viva, the bank can take full control of the company by 2025 if its value is below EUR 5B.
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