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Philips Expects Recall Settlements This Year: Report

Koninklijke Philips NV (NYSE: PHG) intends to negotiate settlements related to its global recall of respiratory equipment this year.
byAkanksha Bakshi
March 30, 2023
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  • Koninklijke Philips NV (NYSE:PHG) intends to negotiate settlements related to its global recall of respiratory equipment this year.
  • “I think we can at least reach a settlement on economic damages this year,” Reuters quoted CEO Roy Jakobs from an interview with the Dutch financial daily FD.
  • Related: Philips Recalls Some Masks Used With Respiratory Devices Over Potential Injury Risk
  • According to the report, Jakobs added that he “hopes and expects” to settle with the U.S. FDA this year.
  • A settlement with patients who claim the use of the recalled machines made them sick probably will take longer, Jakobs added.
  • Concerns of hefty litigation bills have since reduced Philips’ market value by 70%, added the report.
  • Price Action: PHG shares are trading higher by 6.22% at $17.94 premarket on Thursday.
 
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