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Sacramento-based Propel Fuels Sues Phillips 66 Over Alleged Trade-Secrets Heist

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Benzinga
By Pr Newswire

Lawsuit Claims Fossil-Fuel Giant Used Deceit During Acquisition Talks to Lift Environmental, Social and Governance Strategy it Couldn't Develop on its Own

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SAN FRANCISCO, May 18, 2024 /PRNewswire/ --Propel Fuels, Inc. (Propel), a retailer of low-carbon fuels at branded stations throughout California, has filed a lawsuit against Phillips 66 Company (Phillips 66), claiming the Texas-based oil company misappropriated Propel's trade secrets and engaged in unlawful business practices in violation of California's Uniform Trade Secrets Act and Unfair Competition Law.

Propel is represented by the San Francisco law offices of global disputes firm Kobre & Kim, who brought the suit Feb. 16, 2022, in Alameda County Superior Court. The complaint, unsealed yesterday by the court, alleges Phillips 66 obtained Propel's trade secrets during the duediligence process for a proposed acquisition only to walk away from the deal and launch its own renewable fuels business in California shortly before the acquisition was to be consummated.

All told, Phillips 66 is investing billions of dollars in the California renewable fuel market based on Propel's trade secrets, the complaint says.

Prior to receiving Propel's confidential information, Phillips 66 had not sold any branded renewable fuels to consumers in California, and it knew nothing about the business, the lawsuit claims. As one of California's largest refiners and retailers of fossil transportation fuels in California, Phillips 66 is highly motivated to find a solution for its increasingly expensive carbon emission obligations.

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