SIEGY - GE Siemens settle dispute over gas turbines

General Electric (GE -2.3%) and Siemens Energy (OTCPK:SMEGF) have resolved a longstanding dispute over trade secrets related to gas-power turbines, Bloomberg reports, citing court filings. GE confirms the settlement but terms are not disclosed. The company had accused Siemens of using confidential information about GE gas turbines to unfairly win at least nine contracts for gas turbines worth billions of dollars; Siemens has said GE was exaggerating its claims. The two companies have engaged in a series of legal battles over power-generation products, including a patent infringement complaint against Siemens Gamesa Renewable Energy.

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GE, Siemens settle dispute over gas turbines