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GE, Siemens Energy settle lawsuit over gas turbines  

Credit:  September 30, 2021. reuters.com ~~

General Electric Co (GE.N) and Siemens Energy AG (ENR1n.DE) have settled a lawsuit in which GE accused the German company of stealing trade secrets related to gas turbines.

In a filing on Wednesday with a federal court in Richmond, Virginia, GE and Siemens said they had reached a binding settlement agreement. Terms were not disclosed. A federal judge dismissed GE’s lawsuit in light of the settlement.

Spokespeople for both companies confirmed the settlement, declining to provide further details.

GE, in a lawsuit filed in January, had accused Siemens Energy 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. read more

GE alleged that the theft traced back to May 2019, when the two industrial conglomerates bid to provide gas turbine equipment and servicing to Dominion Energy Inc (D.N).

At the time, a spokesperson for Siemens Energy said the company had identified the receipt of GE’s trade secrets “through its own robust compliance processes” and implemented extensive remedial measures in response.

Source:  September 30, 2021. reuters.com

This article is the work of the source indicated. Any opinions expressed in it are not necessarily those of National Wind Watch.

The copyright of this article resides with the author or publisher indicated. As part of its noncommercial effort to present the environmental, social, scientific, and economic issues of large-scale wind power development to a global audience seeking such information, National Wind Watch endeavors to observe “fair use” as provided for in section 107 of U.S. Copyright Law and similar “fair dealing” provisions of the copyright laws of other nations. Send requests to excerpt, general inquiries, and comments via e-mail.

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