JP Morgan sues Tesla for $162 mn over share warrants

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AFP

New York (AFP) – JP Morgan Chase has sued Tesla for $162 million over a stock warrants contract, accusing the company of “flagrantly” ignoring its obligation to pay the investment bank after the electric carmaker’s shares soared. The lawsuit filed in New York on Monday concerns a series of stock warrants JP Morgan bought from Tesla in 2014 and tweets by Tesla CEO Elon Musk. Under the contracts, JP Morgan said Tesla was required to deliver either stocks or cash if Tesla’s share price was above the warrants’ “strike price” when they expired. Stock warrants give the holder the right to buy shares…

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