Tesla files countersuit against JPMorgan, accuses bank of 'illegitimate machinations'

1/25/2022 12:25:00 AM

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

Catch up on the developing stories making headlines.VCG via Getty Images, FILETesla 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.

Read more: ABC News »

Zhou involved in frightening 1st-lap crash at British GP

Zhou Guanyu was taken to the medical center after a frightening first-lap crash at the British Grand Prix on Sunday Read more >>

Good news

Tesla countersues JPMorgan over contract affected by Musk tweetTesla on Monday fought back against JPMorgan Chase over a disputed bond contract, countersuing the bank for seeking a “windfall” following Chief Executive Elon Musk’s notorious 20…

Panasonic's higher-capacity Tesla battery could enter production in 2023 | EngadgetThe 4680 cells could boost EV ranges by over 15 percent and reduce costs.. Higher capacity is good. Fast charge times would be better. Spending 5 minutes 0-100%, not hours. Part of the reason I’m waiting a few years to buy a Tesla (or any EV) oh and the fact of affordability

She's On Her Second Tesla Model SA Model S owner and driver, who agreed to answer some questions about her experiences with two Model S’s. What happened to the 1st model s. Did the warranty expire. 💖😍

Austin drone operator captures intriguing first photos of Tesla Model Ys at Gigafactory TexasThe vehicles may have been produced for crash-test purposes.

Elon Musk, Tesla business in China, Xinjiang points to dark futureInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know. So many of Elon's projects are just dribble. The Hyperloop (Failed), The Boring Company (Failed), Tesla Semi Trucks (Where are they?) Weren't the trucks meant to be delivered in 2019? Self Driving Tesla taxis? We need a coherent national policy across Administrations that forces Demented Dons and Demented Joes plus their cohorts and Parties to place American strategy, Allie’s, and ethics ahead of microeconomic gains.

Elon Musk’s “Fanboy” Bet Nearly Everything On Tesla—And Made BillionsWhen the March 2020 crash prompted a fire sale, Leo Koguan risked much of what he had left on Tesla options. He’s now worth more than $8 billion. Good on him, he saw an opportunity So a billionaire made billions, how surprising اللهم صلِّ على محمد وعلى آل محمد كما صليت على إبراهيم وعلى آل إبراهيم إنك حميد مجيد، اللهم بارك على محمد وعلى آل محمد كما باركت على إبراهيم وعلى آل إبراهيم إنك حميد مجيد

On Location: January 24, 2022 Catch up on the developing stories making headlines. VCG via Getty Images, FILE 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. MORE: Tesla says it delivered record 936K vehicles in 2021, up 87% The legal dispute began after Tesla’s Elon Musk posted on Twitter that he was considering taking the company private. He took back the statement but was sued by securities regulators. Musk and the SEC settled for $20 million. Part of the settlement required him to step down as chairman of the company’s board of directors. “JPM took improper advantage of a Twitter post from August 7, 2018 – nearly three years before the Warrants’ exercise dates – in which Elon Musk stated that he was considering taking Tesla private. Ten days after that tweet, JPM falsely asserted that the tweet constituted an announcement by Tesla of an extraordinary corporate transaction,” Tesla’s lawsuit said. Spencer Platt/Getty Images, FILE People pass a sign for JPMorgan Chase & Co. at it's headquarters in Manhattan, Oct. 2, 2012 in New York City. The stock warrants were arranged after JPMorgan handled a 2014 transaction for Tesla and allowed the bank to buy shares of the automaker at a fixed price, below market value, for a period of years. JPMorgan claimed Musk’s tweet impacted the value of those shares, leaving the bank entitled to an additional $162 million. MORE: Former Tesla worker speaks out after winning $137 million lawsuit Tesla, which is represented by Quinn Emanuel's Alex Spiro, the lawyer who successfully defended Musk from a defamation claim, is seeking to dismiss JPMorgan’s earlier lawsuit. JPMorgan told ABC News in a statement, “There is no merit to their claim. This comes down to fulfilling contractual obligations.” The dueling lawsuits add to the personal animus between Musk and JPMorgan’s CEO Jamie Dimon. Musk prefers to do business with other banks and JPMorgan recently inked a deal to be the primary lender to Tesla rival Rivian,