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Siemens Energy CEO says group has received GE lawsuit

Published 02/02/2021, 03:16 AM
Updated 02/02/2021, 03:20 AM
© Reuters. FILE PHOTO: The General Electric logo is seen in a Sears store in Schaumburg

FRANKFURT (Reuters) - Siemens Energy has received a lawsuit filed by rival General Electric (NYSE:GE) accusing a unit of the German firm of using stolen trade secrets to rig bids for gas turbine contracts and cover up improper business gains of more than $1 billion.

The lawsuit was received on Jan. 29, Siemens Energy Chief Executive Christian Bruch told journalists in a call following fiscal first-quarter results, adding the group would now carefully assess the claims.

Bruch confirmed that the case, made public last month, was initially uncovered by Siemens Energy, adding the firm already pointed to it in its listing prospectus dated Sept. 7.

Latest comments

GE has a real case if you read up on this. I think Siemens will settle for a considerable sum.
Siemens is way better corp than GE. Stop playing jealousy game!
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