Philips settles US sleep machine cases for $1.1 billion

Dutch medical device maker Philips said Monday it had reached a $1.1 billion deal in the United States to settle lawsuits over faulty sleep machines in a case that has rocked the company. Earlier this year, the company said it would halt new sales of the machines in the United States following a series of recalls of the devices made by subsidiary Philips Respironics.