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Samsung Chip Plant Sues Insurer Over $400 Million in Storm Damage Claims

February 8, 2023

A Samsung Electronics Co. semiconductor plant in Texas sued its insurer over $400 million in damage claims tied to a power blackout during a deadly winter storm in 2021.

The federal lawsuit filed Monday against Factory Mutual Insurance Co. said the Austin plant sustained “catastrophic losses” from property damage and lost business. The insurer refused to cover the full cost as part of a “broader scheme” to underpay all storm-related claims by Texas policyholders, Samsung said.

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