GE Suing Siemens, Alleging ‘Stolen Trade Secrets’
The post GE Suing Siemens, Alleging ‘Stolen Trade Secrets’ appeared first on POWER Magazine.
General Electric (GE) has filed a lawsuit accusing “willful and malicious misappropriation of GE’s trade secrets” by Siemens Energy, charging that a current Siemens employee “knowingly and surreptitiously” received GE intellectual property, which led to Siemens using the information to improve its own bids for lucrative contracts supplying gas turbines to utilities.
GE in the lawsuit filed Jan. 14 said the alleged stolen trade secrets resulted in GE losing a contract to provide gas turbine units and maintenance services for a project in Virginia, a deal potentially worth as much as $ 340 million. GE said the “trade secrets misappropriated by Siemens are relevant to at least eight other turbine contracts that Siemens unfairly won over GE’s competing bid” across a 16-month period. The lawsuit, filed in the U.S. District Court for the Eastern District of Virginia, alleges Siemens accrued business gains of “billions of dollars of contracts” with the actions.…