Phillips 66 was ordered to pay biofuel maker Propel Fuels $800 million in damages for stealing trade secrets, according to a California state court document. This new figure represents an increase from the initial jury verdict of $604.9 million.
The increased penalty signifies a more substantial financial liability for Phillips 66 in the ongoing legal dispute. The original verdict had found Phillips 66's misconduct to be willful and malicious, which allowed for the potential for enhanced damages.
This significant financial judgment will impact Phillips 66's earnings and cash flow, adding to the legal challenges faced by the company. The case centers on allegations that Phillips 66 misappropriated proprietary information from Propel Fuels to develop its renewable-fuel capabilities.
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