J.P. Morgan agrees to drop lawsuit against Tesla over stock warrants
The Hindu
JPMorgan Chase drops lawsuit against Tesla over contract breach, settlement terms undisclosed, both companies drop claims.
U.S. lender JPMorgan Chase agreed on Friday (November 29, 2024) to drop its lawsuit against Tesla that accused the electric vehicle maker of "flagrantly" breaching a contract between the two companies in 2014 relating to warrants Tesla sold to the bank.
The move to drop the lawsuit was announced in a one-page court filing by both companies in a Manhattan court, where they said they will drop their claims against each other.
Bloomberg News reported the settlement earlier on Friday.
Neither company disclosed settlement terms, according to the court filings.
JPMorgan and Tesla did not immediately respond to Reuters' requests for comment.
JPMorgan sued Tesla in November 2021, seeking $162.2 million, alleging that Tesla breached a 2014 contract related to stock warrants it sold to the bank, and which the bank believes became more valuable because of a 2018 tweet by Tesla CEO Elon Musk.
Warrants give the holder the right to buy a company's stock at a set "strike" price and date.
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