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Boeing to be a felon – plea deal of guilt over 737 Max crashes!

Rescuers work at the scene of an Ethiopian Airlines flight crash near Bishoftu, or Debre Zeit, south of Addis Ababa, Ethiopia, Monday, March 11, 2019. Credit: Mulugeta Ayene | Reuters via CNBC.

Boeing accepts plea deal to avoid criminal trial over 737 Max crashes, Justice Department says

Federal prosecutors gave Boeing the choice last week of entering a guilty plea and paying a fine or facing a criminal trial.

From NBC News:

Boeing will plead guilty to a criminal fraud charge tied to fatal 737 Max crashes, the Justice Department said Sunday, months after U.S. prosecutors said the aerospace giant violated a 2021 settlement that shielded it from prosecution.

Under the deal, Boeing agreed to pay a $243.6 million fine. An independent compliance monitor would also be installed to oversee compliance at Boeing for three years during a probationary period. Boeing would also have to invest at least $455 million in compliance and safety programs, according to a U.S. prosecutors’ court filing late Sunday. The plea deal requires the approval of a federal judge to take effect.

Boeing also agreed for the board of directors to meet with crash victims’ family members, under the agreement.

The plea deal offer forced Boeing to decide between a guilty plea and the attached terms, or going to trial, just as the company was seeking to turn a corner in its manufacturing and safety crisespick a new CEO and acquire its fuselage maker, Spirit AeroSystems.

The guilty plea would brand Boeing a felon and could complicate its ability to sell products to the U.S. government. About 32% of Boeing’s nearly $78 billion in revenue last year came from its defense, space and security unit.

Posted by Steve on July 8, 2024 at 12:01 am | Permalink

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