Siemens Energy Settles for $104 Million

FRANKFURT (Reuters) – Siemens Energy has agreed to pay $104 million to settle an investigation with U.S. authorities after using stolen trade secrets to inflate bids for contracts five years ago.

The proposed settlement with a U.S. court in Virginia revolves around allegations of theft of trade secrets that Siemens Energy had used to bid to provide gas turbine equipment and servicing to Dominion Energy (NYSE:D) Inc in 2019.

The settlement is subject to approval by the court, scheduled for Dec. 5.

An initial case, brought by Siemens Energy rival General Electric (NYSE:GE), was settled between the two companies in 2021.

Siemens Energy stated that the new settlement with the U.S. Department of Justice would resolve the case, reiterating that the company discovered the misconduct in 2020 and “voluntarily reported the incident to the customer” as well as rivals General Electric and Mitsubishi Heavy Industries.

Siemens Energy, which will report full-year results on Nov. 13, cited negative one-offs related to a legacy project at its gas services division in its fiscal third quarter report in August.