Samsung Chip Plant to Settle Over $400 Million Insurance Claim

A Samsung Electronics Co. semiconductor plant in Texas reached an agreement to settle with its insurer, resolving a lawsuit over coverage for losses tied to a severe winter storm in 2021.

Factory Mutual Insurance Co. and the Samsung plant filed a notice of settlement in the US District Court for the Western District of Texas on Wednesday, a year and a half after Samsung’s initial complaint.

Samsung sued in February 2023, alleging the insurer had paid only $126 million of the full $400 million loss as part of a “broader scheme” to underpay all storm-related claims by Texas policyholders. ...