Welcome

Siemens Settles Trade Secrets Lawsuit by Joint Venture Partner

Jan. 14, 2022, 7:09 PM

Siemens Energy Inc. and joint venture partner Chromalloy Gas Turbine LLC have dropped their business dispute from Delaware’s Chancery Court after settling parallel arbitration proceedings.

Vice Chancellor Paul A. Fioravanti Jr. dismissed the case Friday, a day after the parties moved jointly to end it. Their filing Thursday notified the judge of their agreement resolving the arbitration, apparently on confidential terms.

Attorneys for both sides didn’t immediately respond Friday to requests for comment or more information about the settlement, but the joint stipulation Thursday stated that Chromalloy transferred is interest in the joint venture to Siemens on Jan. 10.

The ...

To read the full article log in.

Learn more about a Bloomberg Law subscription