GE alleges Siemens Energy used stolen trade secrets to rig contract bids
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.
