ELT stole this. Go Go Go bankrupt I guess now.
https://www.reuters.com/business/energy/phillips-66-hit-with-6049-mln-us-verdict-fuel-trade-secrets-case-2024-10-17/
17 replies (most recent on top)
And the CEO and the Chief Legal Officer are still on the payroll!!!
I guess when they’re auctioning off the office furniture the Board might realize there’s a problem!
" The jury found in Propel’s favor on its claim that Phillips 66’s California renewable fuels business was developed from Propel’s trade secrets in violation of California’s Uniform Trade Secrets Act and awarded unjust enrichment damages totaling $604.9 million. "
" The jury also found Phillips 66’s misappropriation was willful and malicious, meaning the Court may now triple the total damages award. "
So this could potentially blow up to $1.8 Billion!!!!!!
https://www.businesswire.com/news/home/20241017095596/en/Jury-Awards-Propel-Fuels-604.9-Million-for-Trade-Secret-Misappropriation-by-Phillips-66
I am surprised that the Propel says P66 did not have renewables technology before. Did P66 not run renewables plants in UK and Ireland a decade ago?
A bit perplexed if it is daylight robbery or just goofed up lawyers!!
This story is all over the industry news but not a peep out of P66 or Gogo. I guess he thinks if nobody talks about it, he'll wake up and it will all be a terrible nightmare.
LLT is a joke!
Ol’ GoGo should be held accountable for this disaster.
I know it started before his time, but he’s had time enough to have settled with Propel.
The buck stops with him.
Time to dump the stock. There’s a reason Buffett exited p66 years ago and picked up OXY. Wonder why?
Not just Rob, but Pam and Randy have their finger prints all over this.
Post from TheLayoff.com
Hi Rob! Hope you are enjoying “retirement”!
Make Phillips 66 Great Again!
One can dream right?
Tax write off. Nothing to see here. Gogogo back to work.
Great work by our incompetent GC and her Litigation Lackey. GoGo supporting them is a joke.
:) P66 knew nothing about the business of renewable fuel
As it turns out, the $604 million dollar judgment in favor of Propel Fuels is only part of the story. It has the potential to become much, much, uglier for the company.
Like 3 times as ugly.
That’s right, because Phillips 66 was judged to have “willfully and maliciously” stolen Propel Fuels trade secret the court can triple the damages.
There’s no way to know if this will actually happen but it does make Phillips look even worse.
As shareholders and employees, is this the reputation we want for our company?
Retribution? How did we treat that Caltech genius?
There goes the 2025 VCIP.
:madface:
A practical example of how dense and incompetent leadership is. A $600 million “oops” Someone has to get fired over this epic mess.
Lashier and his ELT are a joke. Guy validates this almost every time he opens his mouth. His recent public spots on Bloomberg and some podcast it’s not sure he knows what industry he’s in. His comments disagree with peers, analysts and our own internal assessments. Maybe a smart science guy but not a CEO.
Go Go Go back to the lab Marky Mark.