Koninklijke Philips (PHG) reached a $1.1 billion settlement over a US device recall for its respiratory ventilator devices, causing shares of the company to jump on Monday. The payment was originally estimated by some analysts to be more than $2 billion, putting to bed many worries from investors. However, the company still faces investigations, including one by the US Department of Justice.
Philips CEO Roy Jakobs speaks with Yahoo Finance's Anjalee Khemlani to give insight into the settlement and how his company will operate moving forward with other investigations.
Jakobs affirms: "So by actually closing the settlement, we have taken the vast majority of the cases out of the way, especially the three litigation cases that were there in the US: economic loss, personal injury, and medical monitoring. Actually that is the closed chapter now, and that was very important because actually the biggest uncertainty was tied to that. It is true that still the DOJ is remaining. We are fully collaborating with that, giving the information requested, there's no further clarity on what that would mean and when they would come toward."
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