JPMorgan, Tesla Settle 3-Year-Old Dispute Over Stock Warrants

JPMorgan Chase & Co. (NYSE:JPM) has decided to withdraw its lawsuit against Tesla Inc. (NASDAQ:TSLA), which was centered around a breach of contract involving stock warrants from 2014.

What Happened: This resolution was revealed through a court filing in Manhattan, indicating that both parties have agreed to drop their claims against each other, reported Reuters.

The lawsuit, initiated by JPMorgan in November 2021, sought $162.2 million. The bank alleged that Tesla breached the contract following a 2018 post by CEO Elon Musk, which suggested taking Tesla private at $420 per share.

This post, according to JPMorgan, led to significant stock price volatility, necessitating adjustments to the strike price of the warrants.

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