As per reports, Boeing Co’s (BA) board of directors settle a shareholder lawsuit that claimed the aerospace giant’s board failed to oversee safety matters related to two 737 MAX crashes that killed 346 people in less than six months. The settlement amount was agreed at about $225 million. As per the journal, the monetary portion of the settlement would be paid by directors’ insurers to the corporation.
The planemaker has agreed to hire an ombudsman to deal with internal issues and appoint a board member experienced in aviation safety, as a proposed settlement. In September, a Delaware judge denied Boeing’s move to dismiss the suit, ruling that Boeing’s board of directors must face a lawsuit. Boeing declined to comment.
Dow 30 component Boeing (NYSE: BA) is the world’s largest aerospace company and leading manufacturer of commercial jetliners and defense, space, and security systems. To learn more about Boeing (BA) and to track its ongoing progress please visit the Vista Partners Boeing (BA) Coverage Page.
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