Contact Members/Sign Up Reg Form

Philips Agrees to $1.1 Billion Settlement in US Sleep Machine Cases

Photo : Reuters

Dutch medical technology giant Philips has announced a monumental $1.1 billion settlement deal in the United States, marking a significant milestone in resolving lawsuits concerning its faulty sleep apnea machines. The agreement, reached on Monday, follows a tumultuous period for the company, which has been embroiled in a crisis stemming from its DreamStation devices, designed to address the sleep disorder characterized by interrupted breathing patterns during rest.

Since 2021, Philips has grappled with a series of setbacks linked to its DreamStation machines, prompting widespread concern among users and healthcare professionals alike. The company's decision earlier this year to cease new sales of these devices in the US, coupled with a string of recalls, underscored the severity of the situation and the urgency to address the issues at hand.

Stay informed with the latest news. Follow DXB News Network on WhatsApp Channel

In a statement released on Monday, Philips acknowledged the settlement as a pivotal step in resolving personal injury litigation and a medical monitoring class action in the US. While emphasizing that the agreement does not constitute an admission of fault or liability, the company sought to alleviate uncertainties surrounding the ongoing legal battles.

The settlement, which encompasses claims filed in US courts and potential future cases, is slated for disbursement in 2025, with funding sourced from Philips' cash flow. The company disclosed a provision of 982 million euros ($1.05 billion) allocated in the first quarter to cover the settlement, signaling its commitment to addressing the matter comprehensively.

Additionally, Philips announced an agreement with insurers to provide 540 million euros in coverage for recall-related claims associated with its subsidiary, Philips Respironics. These strategic maneuvers reflect Philips' concerted efforts to mitigate financial risks and uphold its commitment to stakeholders amidst the turbulent legal landscape.

Despite the resolution of the litigation, Philips continues to grapple with the fallout from the DreamStation crisis. The company's financial performance has been impacted, with losses amounting to 463 million euros ($501 million) over the course of 2023. In response to operational challenges, Philips has initiated workforce reductions, underscoring the broader implications of the crisis on its organizational structure and strategic priorities.

April 29, 2024 2:36 p.m. 5954

#trending #latest #PhilipsSettlement #SleepApneaCrisis #MedicalDevice #LegalSettlement #HealthcareNews #CorporateCrisis #PatientSafety #DreamStationRecall #MedicalTechnology #CorporateResponsibility #breakingnews #worldnews #headlines #topstories #globalUpdate #dxbnewsnetwork #dxbnews #dxbdnn #dxbnewsnetworkdnn

Judge in Trump hush-money trial cautioned for Biden donation.

global news / world news
May 18, 2024 11:51 a.m. 411

Ethics panel clears Judge Merchan of minor donation complaint amid Trump trial involvement....Read More.

ADNOC establishes new industry benchmark at Ras Al Sadr

uae news / uae-national
May 18, 2024 11:47 a.m. 430

ADNOC restarts gas production at Ras Al Sadr field, 75 years post initial exploration drilling....Read More.

Judge in Trump hush-money trial cautioned for Biden donation.

Ethics panel clears Judge Merchan of minor donation complaint amid Trump trial involvement.

ADNOC establishes new industry benchmark at Ras Al Sadr

ADNOC restarts gas production at Ras Al Sadr field, 75 years post initial exploration drilling.

Hardik Pandya laments Mumbai Indians IPL 2024 last-place finish as season-ends

Hardik Pandya, MI captain, contemplates the season's end post loss to LSG, sealing last place in IPL 2024.

Cannes 2024 Kiara Advani stuns in ivory satin gown and pearl bow earrings. Watch now

Kiara Advani debuted her first Cannes look, wearing an ivory satin Prabal Gurung outfit with thigh-high slits and a dramatic train.

UN Kimberley Process Concludes Historic Special Plenary in Dubai

UN Kimberley Process Intersessional and historic special plenary wraps up in Dubai.

6 charged, including 4 Indians for visa fraud conspiracy in US

Indictment: Staged robbers, armed with apparent firearms, demanded money and property from victims.

Boeing Starliner Crewed Mission Delayed Over Technical Issue

Florida launch slated for Tuesday postponed to May 25 as NASA evaluates helium leak in service module atop rocket.

Peru Trans Community Outraged as Insurance Law Brand Transsexuality a "Mental Disorder"

On May 10, the government expanded insurable health conditions to cover transgender services, previously focusing on mental health treatment since 2021.

Israel Recovers Bodies of 3 Hostages, Including German Woman Paraded Naked

An Israel Defence Forces spokesperson stated that the three were brutally murdered by Hamas while attempting to escape during the attack.

Latifa bint Mohammed Opens Expo 2020 Dubai Museum, Celebrating UAE's Innovation

Through the Expo 2020 Museum, Dubai continues its pivotal role in fostering sustainable intellectual growth.

Phoenixx Artists: An Application Illuminating the Path to Stardom in Bollywood and Hollywood curated by Gaurang Doshi and Niti Agarwal

The grand launch of Phoenixx Artists at The Theatre in Dubai introduces a subscription-based online platform where dreams take flight

Integrate Middle East 2024 Revolutionizing Revenue Streams with Advanced Pro AV Integration

The event will create fresh opportunities as the market is forecasted to reach USD 4.2 billion by 2032, with a growth rate of 3.8% from 2024 to 2032

Tips for Clearing Pimples in the Summer Heat

Ah, summer—a time for beach days, ice cream cones, and endless fun under the sun. But along with the joys of summer come some not-so-fun visitors: pimples. As t

CAS Space plans to launch space tourism flights with panoramic windows by 2027. Price details to be announced.

Chinese firm reveals space tourism plan with panoramic windows to edge of space by 2028. Ticket price TBD.

Unveiling the Story of Western Fashion: A Journey Through Time

Fashion isn't just about clothes; it's a living, breathing entity that shapes and reflects the essence of Western culture

Apple unveils eye-tracking feature enabling device control solely through eye movements

This functionality is tailored for individuals with physical disabilities, facilitating easier device interaction

Get In Touch

3001E, 30 Floor, Aspin Commercial Tower, Sheikh Zayed Road, Dubai, UAE

+971 56 450 3476

Follow Us

© DNN. All Rights Reserved.