Phillips 66 faces a $604.9 million verdict in a trade secrets lawsuit filed by Propel Fuels. While the company plans to appeal and denies wrongdoing, it also announced the closure of its Los Angeles refinery in 2025. The news comes as PSX stock has enjoyed a strong performance in the past year, and the company’s plans for the future are likely to be closely watched by investors.
Results for: Trade Secrets
Tesla has filed a lawsuit against Matthews International, alleging that the former supplier stole trade secrets related to its dry electrode battery production process and shared them with other electric vehicle manufacturers. Tesla claims the damages could exceed $1 billion.