A California state court jury decided that Phillips 66 owes biofuel maker Propel Fuels $604.9 million in damages for stealing Propel's trade secrets. The verdict was reached after a five-week trial in the Superior Court of California, County of Alameda.
The jury found that Phillips 66's misconduct was willful and malicious, which means the court may consider tripling the total damages award. The lawsuit, filed on February 16, 2022, alleged that Phillips 66 misappropriated confidential data and proprietary strategies developed by Propel Fuels.
Propel Fuels claimed Phillips 66 stole this information during due diligence for a proposed acquisition in 2017, then abruptly terminated the deal in August 2018 and subsequently launched its own renewable fuels business using the stolen insights. This verdict represents a significant financial and reputational blow to Phillips 66.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.