Philips expects to reach recall settlements this year

Dutch health technology company Philips (PHG.AS) expects to reach settlements this year relating to its global recall of respiratory devices, CEO Roy Jakobs said in an interview with Dutch financial daily FD published on Thursday.

"I think we can at least reach a settlement on economic damages this year," Jakobs said without giving details on the expected costs.

Jakobs added that he "hopes and expects" to also reach a settlement with the US Food and Drug Administration this year.

Dutch health technology company Philips (PHG.AS) expects to reach settlements this year relating to its global recall of respiratory devices, CEO Roy Jakobs said in an interview with Dutch financial daily FD published on Thursday.

"I think we can at least reach a settlement on economic damages this year," Jakobs said without giving details on the expected costs.

Jakobs added that he "hopes and expects" to also reach a settlement with the US Food and Drug Administration this year.

Fears of large litigation bills have since wiped 70% off Philips' market value.

The economic damages claim was made by people, hospitals and health plans who say they suffered economic losses when the millions of machines were recalled.

Reuters