Siemens Energy Subsidiary to Pay $104 Million in Settlement Over Gas Turbine Contract Trade Secret Theft

Oct 1, 2024, 10:20 AM

A US subsidiary of Siemens Energy has agreed to pay $104 million to resolve a criminal investigation into misappropriating confidential information from competitors to gain an unfair advantage in a bidding process. The settlement with US authorities follows allegations that Siemens Energy used stolen trade secrets to inflate bids for gas turbine contracts five years ago.