General Electric Claims Siemens Energy Won Contracts Due to Stolen Trade Secrets
General Electric (NYSE: GE) filed a lawsuit against its power rival Siemens Energy (OTC: SMEG.F) on Thursday. The suit alleges that Siemens Energy used stolen trade secrets in order to win contracts to supply gas turbines and services to utilities.
GE's accusation centers around a confidential bid it made to supply gas turbine equipment and servicing to Dominion Energy. Allegedly, a Dominion Energy employee unlawfully sent technical details, pricing data, and information on how GE would service turbines to a Siemens account manager. According to the lawsuit, the Siemens manager then "used GE's trade secrets to improve Siemens' own bid, ultimately winning a lucrative contract to provide gas turbine units and maintenance services in Virginia worth at least $225 million, and potentially as much as $340 million."
A gas turbine. Image source: Getty Images.
Source Fool.com
