Welding Firm Settles Quake-Related Suit

Lincoln Electric Co. said it settled a lawsuit claiming that welding wire it made contributed to building damage in the January 1994 Northridge earthquake. Terms weren’t disclosed, although the welding equipment maker said the settlement isn’t expected to have a material effect on earnings. Cleveland-based Lincoln was sued by St. John’s Medical Plaza in Santa Monica, which sought $10 million in damages. The agreement needs court approval, which is expected in September, Lincoln said. Lincoln denied the allegations, but said the settlement was in the best interest of shareholders. Lincoln also is a co-defendant in a lawsuit filed by Pacific Design Center and the Automobile Club of Southern California that seeks $1 billion related to Northridge quake damage. The company is the nation’s leading producer of welding material used to fasten steel-framed buildings. Lincoln stock rose 63 cents to close at $38.63 on Nasdaq.