Boeing: $ 237.5 Million Settlement Agreement for 737 MAX Security Surveillance

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The current and former Boeing executives have agreed a $ 237.5 million settlement with shareholders to settle an out-of-court settlement over whether the company’s board oversaw the safety of the 737 MAX aircraft, Reuters reports.

The 737 MAX was stuck on the ground for 20 months after two accidents that killed 346 people. The Boeing aircraft with the most sales returned to the air after the company made significant improvements in its software and pilot training.

The agreement requires the election of another member of the company’s board of directors, who must have knowledge of aeronautics, engineering or product safety supervision. His election must take place within a period of one year.

The Delaware indictment alleges that Boeing’s board “failed in its responsibility to monitor security and protect the company, shareholders and customers from unsafe business practices.”

The agreement calls on the company’s board to have at least three executives with experience in the field of security. According to Reuters, the agreement needs the approval of a judge to be finalized. The 737 MAX crashes and their fixation cost Boeing about $ 20 billion.

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Source From: Capital

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