On April 29, Philips announced its first quarter results and announced it has reached an agreement to resolve the personal injury litigation and the medical monitoring class action in the U.S.
According to a progress update report from the company, the settlement addresses approximately 58 thousand individuals who filed a claim or who entered the census registry. Regardless of whether eligible individuals have filed a case, joined the census registry or done nothing at all, they will have six months from the date of the settlement to sign up for the settlement.
Philips Respironics has agreed to pay a total amount of 1.1 billion U.S. dollars. According to the company’s progress update, this amount is capped regardless of the number of participants. The related payments are expected in 2025.
Philips and Philips Respironics do not admit any fault or liability, or that any injuries were caused by Respironics’ devices.
Last month, Philips Respironics signed a consent decree with the U.S. Food and Drug Administration and U.S. Department of Justice primarily focusing on the company’s business operations in the U.S. The consent decree was court approved.
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