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Dutch medical device maker Philips said Monday it has reached a $1.1 billion settlement in the United States over the company’s deeply troubled sleep apnea device lawsuits. compensation in US dollars.
Dutch medical device maker Philips said Monday it has reached a $1.1 billion settlement in the United States over the company’s deeply troubled sleep apnea device lawsuits. compensation in US dollars.
From 2021 the company has experienced a series of crises related to its DreamStation machines, which are designed to treat sleep apnea, a medical disorder in which breathing stops briefly during sleep.
The company has already announced it will halt sales of new devices in the United States this year after recalling several devices made by subsidiary Philips Respironics.
In a statement on Monday, Philips said it had agreed with the plaintiffs to “dismiss the pending personal injury and medical monitoring class action lawsuit and finalize the matters pending in the US courts.”
The company added that it does not accept “any fault or responsibility or that the devices manufactured by Respironics have caused any harm.”
The above-mentioned agreement resolves the claims pending in the US courts and other possible cases, she said.
“The related benefits are expected to be paid in 2025 and will be funded by Philips’ cash flow,” the statement said, noting that the company generated $982 million in the first quarter. EUR reserve for payment of compensation.
Philips also said it has settled with insurers to pay the company 540 million. EUR to compensate the claims related to the recalled devices of Respironics.
in 2023 Philips reported that it experienced 463 million EUR loss, the company had to lay off thousands of employees.
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