JPMorgan Drops Lawsuit Against Tesla Over 2014 Warrants Agreement

3 days ago

JPMorgan Chase has agreed to drop its lawsuit against Tesla, which accused the electric vehicle manufacturer of "flagrantly" breaching a 2014 contract concerning stock warrants sold to the bank. The decision to withdraw the lawsuit was announced in a court document filed in Manhattan, with both companies agreeing to waive claims against each other. The terms of the settlement were not disclosed.

The lawsuit, initiated by JPMorgan in November 2021, sought $162.2 million in damages, alleging that Tesla violated the agreement related to the stock warrants. The bank argued that a 2018 tweet by Tesla CEO Elon Musk increased the value of these warrants.

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