Philips Shares Surge on US Recall Settlement News

Philips Shares Surge on US Recall Settlement News
The logo of Philips at the company's entrance in Brussels on Sept. 11, 2012. Francois Lenoir/Reuters
Reuters
Updated:
0:00

AMSTERDAM—Philips shares surged 35 percent early on Monday as the medical devices maker announced a smaller-than-expected settlement to resolve claims over recalled breathing devices in the United States.

Philips said it had agreed to pay $1.1 billion to settle all personal injury claims filed in the United States, ending uncertainty that had slashed its market value over the past three years.