S&P 500   4,397.94
DOW   34,265.37
QQQ   351.69
S&P 500   4,397.94
DOW   34,265.37
QQQ   351.69
S&P 500   4,397.94
DOW   34,265.37
QQQ   351.69
S&P 500   4,397.94
DOW   34,265.37
QQQ   351.69

Boeing settles with victims of Ethiopia 737 MAX crash

Wednesday, November 10, 2021 | The Associated Press

NEW YORK (AP) — Boeing reached a settlement with the victims' families from the March 2019 crash of one of its 737-MAX aircraft that claimed 157 lives.

In the settlement, Boeing accepted responsibility for Ethiopian Airways flight 302 losing control shortly after takeoff from Addis Ababa Bole International Airport. The plane crashed into a nearby town. There were no survivors.

At the time, it was the second crash to involve a Boeing 737-MAX aircraft in six months. After the Ethiopian crash, U.S. authorities grounded the 737-MAX until Boeing could fix the plane's faulty software.

In its settlement, Boeing admitted that its software was to blame for ET 302's loss of control and destruction, and that the 737-MAX was in an “unsafe condition” to fly. Boeing's 737-MAX were recertified to start flying again earlier this year.

The settlement does not involve monetary compensation to the families as of Wednesday, according to court records, but it does allow victims' families to pursue individual claims in U.S. courts instead of their home country, which might be more difficult.

“This is a significant milestone for the families in their pursuit of justice against Boeing, as it will ensure they are all treated equitably and eligible to recover full damages under Illinois law while creating a pathway for them to proceed to a final resolution, whether through settlements or trial,” said Robert Clifford, Steven Marks and Justin Green, the lead attorneys representing the victims, in a statement.

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Companies Mentioned in This Article

CompanyMarketRank™Current PricePrice ChangeDividend YieldP/E RatioConsensus RatingConsensus Price Target
Boeing (BA)2.3$205.44-4.1%N/A-13.92Buy$265.22
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