Simple Technology Pays $1.8-Million Settlement

Simple Technology Inc. said it agreed to pay $1.81 million to a unit of Global Technologies Ltd. and other parties to settle lawsuits alleging breach of contract and warranty.

In September 1998, Global’s unit said it bought defective hard drives from Simple Technology, a Santa Ana manufacturer of computer memory and storage products.

Simple, which had reserved $1.9 million related to the litigation, said it will record a $90,000 gain in the fourth quarter as a result of the settlement.

Simple’s stock closed at $3.94, off 19 cents a share, in Nasdaq trading.