A California court ruled that refiner Phillips 66 will have to pay $800 million to a biofuels-making company for stealing its trade secrets in order to build its own biofuels business.
The court said Phillips 66 had engaged in "abusive behavior" towards the company, which it at one point wanted to acquire, but, according to an earlier court verdict, it was only a ruse to steal Propel Fuels' secrets
Propel Fuels, a California-based maker of biofuels, filed a lawsuit against the refiner in 2022, after Phillips 66 started an acquisition process in 2017, dropped it in 2018, and started marketing its own biofuels in 2019, per the Reuters report.
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