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Product recalls are costing companies and insurers billions, and the numbers are expected to increase.

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Companies typically face a wide range of expenses in the event of a recall. Primary costs include notifying customers, which could involve placing advertisements or sending letters, and shipping for recalled items and replacement products. (Credit: YouTube)

Peloton recently announced that it is recalling the pedals on 27,000 indoor stationary bikes after receiving reports of 16 injuries and 120 pedal breakages.

A statement from the high-end spin bike maker said the recall applies to PR70P pedals placed on bikes sold between July 2013 and May 2016 and recommends discontinuing the use of affected bikes until new pedals are installed. The recall includes original, out-of-warranty pedals, which Peloton recommends users replace annually.

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