03:34 AM EST, 12/03/2024 (MT Newswires) -- (Updates with a response from JPMorgan ( JPM ) in the third paragraph.)

JPMorgan Chase ( JPM ) agreed Friday to drop a 2021 lawsuit against Tesla (TSLA) over allegations that the electric vehicle maker breached a contract in the 2014 sale of warrants to the bank, news outlets reported, citing a court filing.

Tesla also dropped a countersuit over a related matter, the reports said.

"JPMorgan ( JPM ) and Tesla have decided to enter into a new commercial relationship and settle the outstanding disputes between the companies," JPMorgan ( JPM ) said in response to MT Newswires' inquiry. "This is a good outcome for all and we look forward to working together."

The companies did not disclose settlement terms, according to the reports.

In 2021, JPMorgan ( JPM ) sought $162.2 million over allegations that Tesla Chief Executive Elon Musk created volatility in the company's stock price with tweets that forced the bank to reprice the warrants at a significant cost. Tesla countersued in 2023 over the pricing of the warrants, Reuters reported.

Tesla did not immediately reply to MT Newswires' request for comment.