Trump Signs Law to Launch Dollar 2.0

Trump just signed law S.1582, unleashing the biggest money shift in 100+ years. For the first time since 1913, private firms - not the Fed - can mint a "Dollar 2.0." Treasury says it could drain $6.6T from banks and pay 10X current savings rates. Early investors in minting firms could see 40X returns by 2032.

Company that made millions of defective sleep apnea machines ordered to overhaul manufacturing

MATTHEW PERRONE
April 09, 2024

WASHINGTON (AP) -- The company responsible for a global recall of sleep apnea machines will be barred from resuming production at U.S. facilities until it meets a number of safety requirements, under a long-awaited settlement announced Tuesday by federal officials.

Philips will be required to overhaul its manufacturing and quality control systems and hire independent experts to vet the changes, according to a court order announced by the U.S. Department of Justice. The company must also continue to replace, repair or provide refunds to all U.S. customers who got the defective devices, the department said.

The action is a major step toward resolving one of the biggest medical device recalls in history, which has dragged on for nearly three years.

Most of the devices recalled are continuous positive airway pressure, or CPAP, machines. They force air through a mask to keep mouth and nasal passageways open during sleep. Left untreated, sleep apnea can lead to dangerous drowsiness and increased risk of heart attack.

Philips has recalled more than 5 million of the machines since 2021 because their internal foam can break down over time, leading users to inhale tiny particles and fumes while they sleep. Efforts to repair or replace the machines have been plagued by delays that have frustrated regulators and patients in the U.S. and other countries.

Lawyers for the federal government alleged that the company failed to comply with good manufacturing practices needed to ensure device safety. The company did not admit to the allegations, according to the court filing.

"This office, the FDA and our partner agencies are committed to holding manufacturers accountable when they violate the law and put the public at risk," U.S. Attorney Eric Olshan said in a statement.

Under the legal agreement, Philips must hire independent auditors to create a plan for fixing its manufacturing problems and for monitoring problems with the sleep devices. The plan must then be approved by the Food and Drug Administration. The experts must also certify that new foam selected by the company meets FDA safety standards.

Jeffrey Reed, of Marysville, Ohio, experienced persistent sinus infections and two bouts of pneumonia during the seven years he used a Philips machine.

"I worry about my long-term health," Reed said. "I used this machine for years and no matter what money I might get out of this, what's going to happen?"

Reed received a newer Philips device after returning his old machine, but he doesn't like to use it, preferring a competitor's device.

"I don't trust the company," Reed said. "I don't want to use it."

Reed is one of more than 750 people who have filed personal injury lawsuits against the company over the devices. Those cases have been consolidated in a federal court in Pennsylvania.

Similar lawsuits are pending in Canada, Australia, Israel and Chile, according to the company.

The Dutch manufacturer announced in January it had reached a tentative agreement with the FDA and the Department of Justice. But U.S. regulators wouldn't confirm the deal at the time because it had not yet been reviewed by a federal judge.

The FDA's website warns patients that the risks of ingesting the sound-dampening foam could include headache, asthma, allergic reactions and more serious problems. In November, the agency issued a new warning that the machines can overheat, in rare cases causing fires.

An FDA inspection of Philips' Pennsylvania offices in the fall of 2021 uncovered a spate of red flags, including emails suggesting the company was warned of the problem with its foam six years before the recall.

Between 2016 and early 2021, FDA found 14 instances where Philips was made aware of the issue or was analyzing the problem. "No further design change, corrective action or field correction was conducted," the FDA inspectors repeatedly noted.

In 2022, the FDA took the rare step of ordering Philips to step up its outreach to customers about the recall including "clearer information about the health risks of its products." At the time, the agency estimated only about half the people in the U.S. with affected machines knew they had been recalled.

Customers trying to obtain refunds or new or refurbished devices from the company have reported long delays.

___

The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute's Science and Educational Media Group. The AP is solely responsible for all content.

Continue Reading...

Popular

Wall Street Enters Its Strongest Month: These 7 Stocks Often Crush It

November is historically Wall Street's strongest month. These 7 stocks often delivered standout gains in recent decades.

Shaquille O'Neal's $180,000 Range Rover Stolen in Suspected Hacker Heist

The custom Range Rover belonging to Shaquille O'Neal has been stolen, reportedly due to a cyber attack.

On November 18, a powerful new law signed by President Trump will trigger a radical shift in America's money system... - Ad

When a small group of private companies - not the Fed - will perform a major mint of a new kind of money. And those who act before this new system fully kicks in could see gains as high as 40X by 2032. But those who fail to prepare will be blindsided by this sea change to the U.S. dollar.

Donald Trump Jr.-Linked Drone Maker Unusual Machines Wins Major Pentagon Deal

Unusual Machines secures its largest Pentagon drone contract to date, with Trump Jr. serving as an adviser but not involved in the deal.

Cathie Wood Bets Big On Jack Dorsey's Bitcoin-Heavy Block, Adds Amazon And Alibaba — Sells Shopify, Surging Palantir

On Monday, Cathie Wood-led Ark Invest executed significant trades, including a notable purchase of shares in Amazon.com Inc. (NASDAQ:AMZN), Block Inc.

Jensen Huang's Secret Masterplan Revealed - Ad

NVIDIA's revolutionary new invention just solved the #1 chokepoint that's been strangling big AI companies. And Tech legend Jeff Brown - the Silicon Valley insider who called NVIDIA before it skyrocketed more than 30,000%... says a shocking announcement by NVIDIA CEO Jensen Huang could make a lot of early investors rich.

Elon Musk's SpaceX Shakes Up Bitcoin Market With $133 Million Transfer

SpaceX, the space exploration company led by Elon Musk, has reportedly transferred over $133 million in Bitcoin (CRYPTO: BTC), causing a stir in the cryptocurrency market.

[Revealed] The $100 Starlink Pre-IPO Blueprint! - Ad

Fortune reports Starlink's rumored IPO is set to be the single largest IPO in history. James Altucher has uncovered a way to get a pre-IPO stake BEFORE Starlink goes public. All it takes is just a few minutes of time and as little as $100 to get started.

How To Earn $500 A Month From UnitedHealth Group Stock Ahead Of Q3 Earnings

UNH to release Q3 earnings before opening bell on Tuesday. Analysts predict $2.81/share, down from $7.15/share in 2019. Dividend yield at 2.44%.

Loggins demands removal of Trump's AI-generated video using ‘Danger Zone’

NEW YORK (AP) — Kenny Loggins is objecting to the use of his music in a social media post showing an artificial intelligence-generated video of dumping excrement from a fighter jet on last weekend's .

Nvidia CEO: E.I. Will Be as Common as Cars Today - Ad

E.I. isn't science fiction anymore. It's already here. And one little-known company is quietly supplying the systems behind it. This stock is still under Wall Street's radar... but not for long. You'll get the name, the ticker, and the full thesis inside.

Ford's enormous F-150 becomes unlikely part of Japan's efforts to woo Trump

TOKYO (AP) — Japan's most iconic truck might be the tiny white transport vehicles that farmers use to lug gear on the narrow roads that link their rice fields.

"Tech Prophet" Who Predicted the iPhone Now Predicts... - Ad

George Gilder - who predicted the iPhone 17 years early and gave Reagan the first microchip - is making his boldest call yet. He says an American nanotech "super-convergence" could mint more millionaires than any event in recent memory. He's found 3 stocks set to benefit before November 18's bombshell.

XRP Down 4%: Why $2.30 Is The Last Defense Before A Flush To $1.60

XRP (CRYPTO: XRP) is down 4% to $2.39 on Wednesday as traders brace for a potential breakdown below $2.30 — the final support before a deeper retracement that could erase months of gains.

Chinese leader Xi Jinping outlines 5-year plan at closed-door Communist Party meeting

BEIJING (AP) — Chinese leader Xi Jinping delivered a speech Monday on the opening day of of the ruling Communist Party to approve a draft plan laying out its goals for the country over the next five years.

Is This Elon's Worst Nightmare? - Ad

Elon's empire looks doomed - crashing sales, lost tax credits, and media backlash. But behind the scenes, Tesla is about to unleash a breakthrough Forbes calls a "multi-trillion-dollar opportunity." It's not the end - it's the start of a 25,000% AI comeback.

A cargo aircraft skids off a Hong Kong runway into the sea, killing 2 people

HONG KONG (AP) — A cargo aircraft skidded off a Hong Kong runway into the sea when landing early Monday, killing two people.

IonQ, Tempus AI And AeroVironment Are Among Top 10 Large Cap Losers Last Week (Oct. 13-Oct. 17): Are the Others in Your Portfolio?

Top large-cap losers last week included IonQ, Tempus AI, AeroVironment, Astera Labs, Nebius, Kratos, F5, Klarna, Leonardo DRS, and First Horizon, driven by sector pullbacks, policy concerns on defense buybacks, a high-profile cyber breach, and weak earnings.

Why Are 21 Billionaires Moving Their Money ASAP? - Ad

One of the biggest stock market events in 25 years is rapidly unfolding... The economist who predicted the 2008 Financial Crisis says it will be: "The Biggest Crash of Our Lifetime." Starting November 19 it could cut the entire tech marketing by HALF.

UPS cargo plane with 3 aboard explodes on takeoff at Louisville airport, igniting huge fire

LOUISVILLE, Ky. (AP) — A large UPS cargo plane with three people aboard crashed Tuesday while taking off from an airport in Louisville, Kentucky, igniting an explosion and massive fire that left a thick plume of black smoke over the area.

Denny's to be acquired and taken private in a deal valued at $620 million

Denny's said Monday that it's being acquired by a group on investors in a deal that will take the breakfast chain private.

The Tesla Shock Nobody Sees Coming - Ad

While headlines scream "Tesla is doomed"...Jeff Brown has uncovered a revolutionary AI breakthrough buried inside Tesla's labs. One that is helping AI escape from our computer screens and manifest itself here in the real world all while creating a 25,000% growth market explosion starting as early as January 29.

Ford Stock Is Racing Higher Tuesday: What's Driving The Action?

Ford shares are trading higher on Tuesday, moving in tandem with General Motors after the automaker raised its full-year earnings guidance.

Elon's New Device Could Launch Biggest IPO of the Decade - Ad

Elon Musk's new device is being called a "game-changer"-and even the White House is using this tech. Jeff Brown says it could launch Musk's next trillion-dollar company and make early investors rich. You can claim a stake now for as little as $500.

MP Materials, USA Rare Earth, Energy Fuels Shares Are Moving Lower: What's Going On?

Share of rare earth stocks are trading lower Monday amid potential U.S.-China negotiations that could delay export controls.

Trump Signs Law to Launch Dollar 2.0 - Ad

Trump just signed law S.1582, unleashing the biggest money shift in 100+ years. For the first time since 1913, private firms - not the Fed - can mint a "Dollar 2.0." Treasury says it could drain $6.6T from banks and pay 10X current savings rates. Early investors in minting firms could see 40X returns by 2032.

The stock market is breaking records. Time for a gut check

NEW YORK (AP) — Almost everything in your 401(k) should be coming up a winner now. That makes it time for a gut check.

Trump May Finally Take Freddie And Fannie Public, Says Bill Pulte: No Limit To 'What They Could Be Worth' With $7 Trillion In Assets

President Donald Trump is evaluating plans to take mortgage giants Federal National Mortgage Association (OTC: FNMA), or Fannie Mae, and Federal Home Loan Mortgage Corp (OTC: FMCC), or Freddie Mac, according to Bill Pulte, the Director of the Federal Housing Finance Agency.

On November 18, a powerful new law signed by President Trump will trigger a radical shift in America's money system... - Ad

When a small group of private companies - not the Fed - will perform a major mint of a new kind of money. And those who act before this new system fully kicks in could see gains as high as 40X by 2032. But those who fail to prepare will be blindsided by this sea change to the U.S. dollar.

Can Solana Do What Bitcoin Can't? Amplify's New ETF Aims For 36% Income

Amplify ETFs, the issuer known for thematic and income-driven fund products, has just launched the Amplify Solana 3% Monthly Option Income ETF (BATS:SOLM), a first-of-its-kind product combining the growth momentum in Solana (CRYPTO:

LKQ Corp Reveals German Solar Power Partnership

LKQ shares rose after it announced a 20-year solar power deal in Germany, advancing its sustainability and emissions goals.

Jensen Huang's Secret Masterplan Revealed - Ad

NVIDIA's revolutionary new invention just solved the #1 chokepoint that's been strangling big AI companies. And Tech legend Jeff Brown - the Silicon Valley insider who called NVIDIA before it skyrocketed more than 30,000%... says a shocking announcement by NVIDIA CEO Jensen Huang could make a lot of early investors rich.

Microsoft's quarterly sales and profit surge, beating Wall Street expectations

REDMOND, Wash. (AP) — Microsoft on Wednesday reported its quarterly sales grew 18% to $77.7 billion.

Instacart Powers Grubhub's Grocery Blitz Across America

Grubhub taps Instacart for nationwide grocery ordering, with Instacart fulfillment, pharmacy additions coming, and promos boosting adoption despite CART dip.

[Revealed] The $100 Starlink Pre-IPO Blueprint! - Ad

Fortune reports Starlink's rumored IPO is set to be the single largest IPO in history. James Altucher has uncovered a way to get a pre-IPO stake BEFORE Starlink goes public. All it takes is just a few minutes of time and as little as $100 to get started.

Shutdown stalemate set to drag into sixth week as Trump pushes Republicans to change Senate rules

WASHINGTON (AP) — Republicans and Democrats remained at a stalemate on the over the weekend as it headed into its sixth week, with for millions of Americans and President Donald Trump pushing GOP leaders to change Senate rules to end it.

Trending Now

Information, charts or examples are for illustration and educational purposes only and not for individualized investment management This message contains commercial elements, such as advertising. We only send these offers to those who have opted in to our newsletter. Past performance is not indicative of future results. For these reasons we strongly suggest trading in a DEMO/Simulated account. The information provided by us is for educational and informational purposes only. We make no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended and have not determined if the statements and opinions of the advertiser are accurate, correct or truthful. If you use, act upon or make decisions in reliance on information contained or any external source linked within it, you do so at your own peril and agree to hold us, our officers, directors, shareholders, affiliates and agents without fault.

Copyright trendadvisor.net
Privacy Policy | Terms of Service