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JP Morgan Chase filed suit against electric vehicle maker Tesla in a dispute over warrants, according to court filings out Monday. The bank is seeking $162.2 million plus interest, attorneys’ fees and expenses.
JP Morgan alleges that Tesla has breached the terms of a contract that the companies signed pertaining to re-pricing the warrants.
Tesla was supposed to deliver shares, or cash, if its share price went above a contractually set “strike price” by a certain expiration date, the complaint says.
But a dispute arose when JP Morgan made adjustments to the value of the warrants when Tesla CEO Elon Musk tweeted in August 2018 that he was…