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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): December 31, 1997
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Commission file number 1-8591
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FIGGIE INTERNATIONAL INC.
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(Exact name of registrant as specified in its charter)
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Delaware 52-1297376
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
5875 Landerbrook Drive
Mayfield Hts., Ohio 44124
(Address of principal executive offices) (Zip Code)
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(440) 446-1333
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(Registrant's telephone number)
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ITEM 5. OTHER EVENTS
Figgie International Inc. (the "Company") executed a Settlement
Agreement with plaintiffs in the lawsuit captioned Dennis Troy Alderman, et al,
v. The Graham Companies, et. al. filed in 1989 in the 11th Judicial Circuit
Court, Dade County, Florida, Case Number 89-37617 CA (30), effective December
31, 1997. The case involved personal injuries sustained by Mr. Alderman, a
quadriplegic, when he fell from a scaffold manufactured by the Company through a
previously discontinued business. Under the Settlement Agreement the Company
paid the plaintiffs twenty-two million dollars ($22,000,000) for complete
resolution of all claims made against the Company, and received from the
plaintiffs a full general release of all claims including claims for damages,
fees and costs against the Company, a hold harmless agreement as to any and all
liens, and a Confidentiality Agreement. The settlement will result in an
after-tax charge of $4.2 million, or $.23 per share, against the Company's 1997
fourth quarter and year-end results. The Company is in litigation with its
insurance carriers who had denied coverage earlier this year.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
FIGGIE INTERNATIONAL INC.
By: /s/ Steven L. Siemborski
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Steven L. Siemborski
Senior Vice President and
Chief Financial Officer
Dated: January 5, 1998
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