Philips pays $1.1B to settle sleep apnea device suits

Shares of medical giant Philips surged Monday after the company announced that it paid over a billion dollars to settle personal injury claims tied to its recalled sleep apnea devices. Philips Respironics, a subsidiary of Philips, recalled about 15 million sleep therapy devices in 2021 over concerns that a foam component could disintegrate and be inhaled by the user, possibly causing health issues, including toxic and carcinogenic effects.Philips share price hit a 52-week-high on Monday at