Philips settles U.S. economic loss claims related to recalled devices for $479 million

Philips reached a settlement to resolve economic loss claims related to the recall of sleep apnea and respiratory devices.
The settlement includes an initial payment of $479 million to cover the claims.
The recalled devices were found to have a foam issue that could lead to potential health risks.
This settlement addresses one category of claims, but Philips still faces other legal actions related to the recall.
Philips previously set aside 575 million euros for estimated costs related to these claims.