PARIS Philips and some of its local units reached an agreement to resolve all economic loss claims in a US litigation related to the recall of certain sleep and respiratory care devices, the Dutch company announced on Thursday.
The agreement includes cash awards to participants of the lawsuit depending on the type of device.
Philips Respironics has recorded a provision for an amount of 575 million euros ($615.48 million) in the first quarter of 2023 to cover the estimated costs of the final settlement, it said in a statement.
($1 = 0.9342 euros)
(Reporting by Tassilo Hummel; Editing by Sudip Kar-Gupta)
