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Tragedy: Rescuers at the site of the crash of the Ethiopian Airlines 737 Max south of Addis Ababa, Ethiopia in March 2019. Photo: AP / Mulugeta Ayene
David Shepardson, Eric M. Johnson and Tracy Rucinski
Jet maker Boeing will pay more than $ 2.5 billion in fines and compensation after reaching an agreement with the US Department of Justice over two plane crashes that resulted in a total of 346 people were killed and the 737 Max Jetliner was grounded.
The settlement that will enable Boeing to avoid criminal prosecution includes a $ 243.6 million fine, $ 1.77 in compensation to airlines US $ billion and a US $ 500 million Crash Victims Fund to cover allegations of fraud related to the aircraft’s flawed design.
Boeing announced that it will charge a fee of US $ 743.6 million for fourth quarter 2020 results. USD would be charged to reflect the deferred law enforcement agreement, a form of corporate negotiation.
The deal with the U.S. Department of Justice, announced after the market closed on Thursday, includes a 21-month investigation into the design and development of the 737 Max after the two crashes in Indonesia and Ethiopia in 2018 and 2019, respectively.
The crashes « exposed fraudulent and misleading behavior by employees of one of the world’s leading manufacturers of commercial aircraft, » Deputy Attorney General David Burns said in a statement.
« Boeing employees chose the win over openness route by hiding essential information about the operation of their 737 Max aircraft from the FAA and trying to cover up their deception, » Burns said, referring to the Federal Aviation Administration.
The FAA has the 737 Max for re-flight in the Released November 11th and the jet is now back in service.
Lawyers for families of victims of the Ethiopian Airlines crash said the settlement will tighten civil processes in Chicago, where Boeing is based.
The crashes passed the US Congress passed law in December to reform FAA certification of new aircraft.
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