JPMorgan Chase (NYSE:JPM) has agreed to drop its lawsuit against Tesla (NASDAQ:TSLA), which accused the TV maker of breaching a 2014 contract between the companies over warrants sold to the lender, according to media reports.

(Reuters) -U.S. lender JPMorgan Chase agreed on Friday to drop its lawsuit against Tesla that accused the electric vehicle maker of "flagrantly" breaching a contract between the two companies in 2014 relating to warrants Tesla sold to the bank.

This lawsuit, which saw allegations and countersuits from both sides, has ended with the two companies agreeing to drop their respective claims, as revealed in a joint court filing in Manhattan.

JPMorgan Chase & Co. agreed to drop a lawsuit it filed against Tesla Inc. three years ago seeking $162 million tied to stock warrant transactions.Most Read from BloombergIn Traffic-Weary Toronto, a Battle Breaks Out Over Bike LanesIn Italy’s Motor City,