Philips Pays $1.1 Bln in U.S. Settlement Over Ventilator Recall

Reuters04-29

AMSTERDAM, April 29 (Reuters) - Dutch medical devices maker Philips said on Monday it had agreed to pay $1.1 billion in a settlement of personal injury cases in the United States related to the global recall of ventilators used to treat sleep apnea.

Philips said it did not admit any fault or liability, but the settlement would end uncertainty over the U.S. litigation.

Amsterdam-based Philips has been grappling with the fallout of its recall of millions of breathing devices and ventilators for three years, as fears of large litigation bills lopped off about two-thirds of its market value.

The devices were recalled in April 2021 because of concerns that foam used in them could degrade and become toxic, carrying potential cancer risks.

Philips said it had also reached agreement with insurers over compensation of 540 million euros ($580 million) for product liability costs, to be received in the second quarter of 2024.

It booked a provision of 982 million euros in first-quarter results for the settlement payments, which it expects to fund from cash flow next year.

($1=0.9317 euros)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/1144167004?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2024-04-29 13:36","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"1144167004","market":"uk","top_or_hot":-1,"title":"Philips Pays $1.1 Bln in U.S. Settlement Over Ventilator Recall","media":"Reuters","content":"<html><head></head><body><p>AMSTERDAM, April 29 (Reuters) - Dutch medical devices maker Philips said on Monday it had agreed to pay $1.1 billion in a settlement of personal injury cases in the United States related to the global recall of ventilators used to treat sleep apnea.</p><p>Philips said it did not admit any fault or liability, but the settlement would end uncertainty over the U.S. litigation.</p><p>Amsterdam-based Philips has been grappling with the fallout of its recall of millions of breathing devices and ventilators for three years, as fears of large litigation bills lopped off about two-thirds of its market value.</p><p>The devices were recalled in April 2021 because of concerns that foam used in them could degrade and become toxic, carrying potential cancer risks.</p><p>Philips said it had also reached agreement with insurers over compensation of 540 million euros ($580 million) for product liability costs, to be received in the second quarter of 2024.</p><p>It booked a provision of 982 million euros in first-quarter results for the settlement payments, which it expects to fund from cash flow next year.</p><p>($1=0.9317 euros)</p></body></html>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Philips Pays $1.1 Bln in U.S. Settlement Over Ventilator Recall</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPhilips Pays $1.1 Bln in U.S. Settlement Over Ventilator Recall\n</h2>\n\n<h4 class=\"meta\">\n\n2024-04-29 13:36 北京时间&nbsp;&nbsp;&nbsp;<strong>Reuters</strong>\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>AMSTERDAM, April 29 (Reuters) - Dutch medical devices maker Philips said on Monday it had agreed to pay $1.1 billion in a settlement of personal injury cases in the United States related to the global...</p>\n\n<a href=\"\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"0LNG.UK","symbol_name":"飞利浦","start_time":0,"source_url":"","article_id":"1144167004","we_media_id":"1036604489","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1144167004","pubTimestamp":1714368972,"sourceInfo":null,"weMediaInfo":{"media_name":"Reuters","introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"summary":"AMSTERDAM, April 29 (Reuters) - Dutch medical devices maker Philips said on Monday it had agreed to pay $1.1 billion in a settlement of personal injury cases in the United States related to the global","collect":0,"end_time":0,"defaultTopTitle":"","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"0LNG.UK":"飞利浦","PHG":"飞利浦"},"translate_title":"飞利浦因呼吸机召回在美国支付11亿美元和解金","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"0LNG.UK":1.1,"PHG":1.1},"content_text":"AMSTERDAM, April 29 (Reuters) - Dutch medical devices maker Philips said on Monday it had agreed to pay $1.1 billion in a settlement of personal injury cases in the United States related to the global recall of ventilators used to treat sleep apnea.Philips said it did not admit any fault or liability, but the settlement would end uncertainty over the U.S. litigation.Amsterdam-based Philips has been grappling with the fallout of its recall of millions of breathing devices and ventilators for three years, as fears of large litigation bills lopped off about two-thirds of its market value.The devices were recalled in April 2021 because of concerns that foam used in them could degrade and become toxic, carrying potential cancer risks.Philips said it had also reached agreement with insurers over compensation of 540 million euros ($580 million) for product liability costs, to be received in the second quarter of 2024.It booked a provision of 982 million euros in first-quarter results for the settlement payments, which it expects to fund from cash flow next year.($1=0.9317 euros)","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1144167004"}