Phillips 66 Sued for Trade Secret Misappropriation 

A recently-unsealed lawsuit showcases the aftermath of a failed deal between Phillips 66 and Sacramento-based Propel Fuels. 

Propel Fuels’ lawsuit, filed in February in Alameda County, California but unsealed this week, alleges Phillips 66 misappropriated Propel’s trade secrets days after backing out of a deal to acquire Propel in 2018. The trade secrets Phillips 66 misappropriated, the lawsuit alleges, included proprietary information Propel disclosed during the failed transaction’s due diligence period that equipped Phillips 66 with how to build a renewable fuels business — the very thing it would have achieved through acquiring Propel.