Philips rose more than 35% before the market opened, reaching a $1.1 billion settlement over accusations that ventilators cause cancer.

Gelonghui April 29 | Philips (PHG.US) U.S. stocks rose more than 35% before the market opened, at $28.52

Gelonghui April 29 | Philips (PHG.US) U.S. stocks rose more than 35% before the market opened, reporting at $28.52.
Philips announced that it has reached a settlement related to the cancer risks of ventilators. It will pay US$1.1 billion as a result. However, the company does not admit any fault or liability.
In addition, the company said that it has reached a product liability insurance compensation agreement of 540 million euros with insurance companies, which is expected to be recorded in the second quarter of this year.
Previously, in June 2021, Philips announced a recall of millions of sleep apnea and ventilator machines. It said that patients may inhale a foam particle and gas that degrades and releases harmful and potentially carcinogenic foam particles and gases when using these devices; incidents have continued to unfold since then. In 2021 alone, Philips recalled as many as 5.2 million respiratory devices globally, much higher than the originally expected 3 to 4 million units.

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