JPMorgan Chase & Co. is suing electric vehicle maker Tesla and seeking $162 million in payment in a dispute over a 2014 stock warrant agreement, according to a complaint filed in Manhattan federal court on Monday.
In a court filing obtained by CNBC, the multinational investment bank alleges that Telsa breached the terms of a contract it entered into regarding stock warrants which required the vehicle maker to deliver either “shares of its stock or cash to JPMorgan if, at the time the warrants expired in June and July 2021, Tesla’s share price was above the contractual ’strike price.'”
