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What will be the impact on Siemens Energy's revenue in Q4 2024 following the settlement?
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Siemens Energy's official Q4 2024 earnings report
Story
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.
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