MILWAUKEE (AP) -- Engine-maker Briggs & Stratton Corp. said Friday it has reached a settlement to end 65 class-action lawsuits against it and other manufacturers stemming from how it labeled lawnmower engines.
The agreement still needs court approval, and establish a $51 million settlement fund. Briggs & Stratton also agreed to change how it labels the horsepower of its engines for the next 10 years.
The company denied wrongdoing in a statement, and said the settlement is a way to end expensive litigation.
Briggs & Stratton will begin paying into the settlement fund if the agreement is approved, and expects to a pretax expense of $31 million for the fund by the third quarter of this year.
The company's stock fell 16 cents, or less than 1 percent, to $17.44 during afternoon trading.
