Samsung, Alcoa Settle $200M Saudi Metal Plant Dispute
Law360, New York (August 29, 2016, 7:45 PM EDT) -- Samsung Engineering Co. Ltd. has dropped a $200 million lawsuit against aluminum leader Alcoa Inc. over delays and cost overruns on a Saudi metal plant, two months after the companies said they were nearing a settlement, according to a short letter filed in New York federal court Monday.
The terms of the deal weren’t revealed, but the agreement means U.S. District Judge Ronnie Abrams won’t have to step into the companies’ dispute over whether or not the matter should be arbitrated, as Alcoa demanded. Until earlier this month, Samsung was pressing for the litigation to blaze onward.
Samsung Engineering and Samsung...
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