Overview

• 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.