Tesla files countersuit against JPMorgan, accuses bank of ‘illegitimate machinations’

Tesla files countersuit against JPMorgan, accuses bank of ‘illegitimate machinations’

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The automaker is seeking to dismiss JPMorgan’s earlier lawsuit

Tesla filed a counterclaim against JPMorgan Chase Monday, the latest salvo in an ongoing battle between the electric automaker and the country’s biggest bank.

The lawsuit accused JPMorgan of filing “cynical litigation” when the bank sued Tesla last year, claiming it was owed $162 million when Tesla stock warrants expired.

In its counterclaim, Tesla accused JPMorgan of deploying “illegitimate machinations” and is seeking a declaratory judgment that it does not owe the bank the additional funds.

“Last year, JPM obtained billions of dollars’ worth of shares of Tesla’s common stock for a bargain price that the parties negotiated in 2014. Not content with this multibillion–dollar gain, JPM now seeks, through this cynical litigation, to extract an additional nine-figure windfall from Tesla,” the lawsuit said.

Source: abcNews

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