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UPDATE 1-GE, Siemens Energy settle lawsuit over gas turbines

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(Adds context)

Sept 30 (Reuters) - General Electric Co and Siemens Energy AG have settled a lawsuit in which GE accused the German company of stealing trade secrets related to gas turbines.

In a filing on Wednesday with a federal court in Richmond, Virginia, GE and Siemens said they had reached a binding settlement agreement. Terms were not disclosed. A federal judge dismissed GE's lawsuit in light of the settlement.

Spokespeople for both companies confirmed the settlement, declining to provide further details.

GE, in a lawsuit filed in January, had accused Siemens Energy of using stolen trade secrets to rig bids for lucrative contracts supplying gas turbines to public utilities and cover up improper business gains totaling more than $1 billion.

GE alleged that the theft traced back to May 2019, when the two industrial conglomerates bid to provide gas turbine equipment and servicing to Dominion Energy Inc.

At the time, a spokesperson for Siemens Energy said the company had identified the receipt of GE's trade secrets "through its own robust compliance processes" and implemented extensive remedial measures in response. (Reporting by Jonathan Stempel in New York and Christoph Steitz in Frankfurt and Rajesh Kumar Singh in Chicago; editing by Diane Craft and Mark Porter)