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Philips Settles US Lawsuits Over Faulty Ventilators for $1.1B, Shares Jump 43%

Apr 29, 2024, 07:05 AM

Philips has agreed to pay $1.1 billion to settle personal injury lawsuits in the United States related to a global recall of ventilators, which were found to expel debris, used to treat sleep apnea. The settlement amount was significantly lower than the anticipated $4.5 billion, leading to a substantial increase in Philips' stock price. Shares of the Dutch medical devices maker surged by up to 43% following the announcement of the settlement, which was described as 'much milder than feared.'