Leatherman folding knives have a serrated blade on some models. It is shorter and stouter than the multi-tool blades. Most models have a sturdy liner lock. A few larger retired models are lock-backs instead.
The serrated blade on Leatherman folding knives is extremely tough. It is thicker than multi-tool blades, so it can stand much more abuse.
Most Leatherman blades are made of 420HC stainless steel, which is a hard steel that holds a good edge. Leatherman blades are tougher than the blades on Victorinox Swiss Army knives, but they are also more likely to become stained or corroded.