PHG - Philips Reaches $1.1B Settlement On US Sleep Apnea Devices' Claims Backs Annual Guidance | Benzinga
Monday, Koninklijke Philips N.V. (NYSE:PHG) said it reached a $1.1 billion settlement in the U.S. related to the recall of its Respironics ventilators.
Philips and the plaintiffs’ leadership, through a Court-appointed mediator, have reached an agreement to resolve the personal injury litigation and the medical monitoring class action in the U.S.
The settlement addresses ~58,000 individuals who filed a claim or entered the census registry.
Philips and Philips Respironics do not admit fault, liability, or any injuries caused by the devices.
Philips Respironics has agreed to pay the capped total of $1.1 billion (covering all costs); the related payments are expected in 2025 and will be funded from the company’s ...