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  • Writer's pictureMartingala Risk

Philips will pay $1.1 billion to settle respiratory devices lawsuits



As per the latest news (April 29th), Philips announced a settlement of nearly $1.1 billion to US consumers (a more than $600 million increase from the $479 million settlement originally announced last year) who claim they suffered personal injuries due to its faulty respiratory devices, the protagonists of a large recall in 2021 and a lengthy FDA (the US Food and Drug Administration) investigation. The company also agreed to pay a settlement of $25 million to cover the costs of medical monitoring for consumers who fear the hazardous chemicals emitted from the devices’ foam may lead to long-term health issues. These settlements are another significant milestone for the protection of US-based consumers, together with the finalization of the Consent Decree (April 9th).

 

Although Philips is taking steps to resolve the consequences of the recall and is moving ahead with its remediation plan, it is yet to address the damage caused to its shareholders. Martingale Risk is committed to further redressing Philips’ misconduct for institutional investors who purchased its equities.




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