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$Tesla (TSLA.US)$ JPMorgan Chase (JPM) agreed Friday to drop...
$Tesla (TSLA.US)$ JPMorgan Chase (JPM) agreed Friday to drop a 2021 lawsuit against Tesla (TSLA) over allegations that the electric vehicle maker breached a contract in the 2014 sale of warrants to the bank, news outlets reported, citing a court filing.
Tesla shares gained 1.7% in premarket.
Tesla also dropped a countersuit over a related matter, the reports said.
The companies did not disclose settlement terms, according to the reports.
In 2021, JPMorgan sought $162.2 million over allegations that Tesla Chief Executive Elon Musk created volatility in the company's stock price with tweets that forced the bank to reprice the warrants at a significant cost. Tesla countersued in 2023 over the pricing of the warrants, Reuters reported.
JPMorgan and Tesla did not immediately reply to MT Newswires' request for comment.
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