Philips Shares Soar 46% After $1.1 Billion Settlement in US Lawsuits

Philips shares jumped over 46% on Monday after the company agreed to a $1.1 billion settlement in the US over personal injury lawsuits related to recalling some of its sleep apnea devices. Philips did not admit fault or liability as part of the settlement and maintains that the recalled devices are not expected to cause health issues, according to test results. Philips CEO said the settlement resolves the "vast majority" of legal cases, allowing the company to focus on recovery after the product recall crisis.