Philips sets €575 million aside for US lawsuits

UNDER-PRESSURE Dutch medical tech maker Philips announced today it has set aside €575 million (RM2.83 billion) to resolve expected lawsuits in the United States, resulting from its massive recall of faulty sleep respirators.  

The Amsterdam-based firm said it was a defendant “in several class-action lawsuits and individual personal injury claims” in the United States due to safety issues with the device.