CPAP Personal Injury Settlement Reached for $1.1 Billion
This morning brings news of a significant CPAP personal injury settlement totaling $1.1 billion, causing a surge in Phillips’ stock value. Initial estimates had projected potential costs to Phillips ranging from $2 billion to $4.5 billion to resolve personal injury and wrongful death lawsuits. While the payout timeline remains uncertain, it is anticipated that victims will likely start receiving settlement checks in 2025.
According to Phillips’ CEO, the settlement encompasses all claims in the US, even those expected to arise over the next six months. However, the announcement’s lack of context for victims raises questions about transparency and communication.
In a statement issued by the steering committee of plaintiffs’ lawyers, who negotiated the deal on behalf of other lawyers’ clients, it was highlighted that the agreements with Philips aim to provide compensation to users of the recalled CPAP and other respiratory devices experiencing significant physical injuries. Additionally, the settlement seeks to facilitate important research for the treatment of these injuries, fulfilling the objectives set forth at the outset of the litigation to hold Philips accountable and ensure care and compensation for affected individuals.
