Consumer Law

General Electric Accuses Siemens Energy of Using Trade Secrets to Rig Contracts in New Lawsuit

NEW YORK (Reuters) – General Electric Co accused a Siemens Energy AG subsidiary of using stolen trade secrets to rig bids for lucrative contracts supplying gas turbines to public utilities, and cover up improper business gains totaling more than $1 billion, according to a lawsuit filed on Thursday.

GE sued the rival company, Siemens Energy Inc, in a U.S. district court in Virginia, alleging the theft traces back to May 2019, when the industrial conglomerates bid to provide gas turbine equipment and servicing to Dominion Energy Inc. Dominion is a Virginia power utility that provides electricity to about 4 million customers on the east coast.

The suit comes in the wake of Siemens AG spinning off its energy business to create Siemens Energy. GE alleges that Siemens Energy used trade secrets improperly received from a Dominion employee in part to win contracts that would boost the price of its separate listing that took place in September.

Read the source article at reuters.com

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