Philips Expects Recall Settlements This Year: Report

March 30, 2023 8:40 AM | 1 min read | Make a Comment

Koninklijke Philips NV 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.