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#AceNewsRoom With ‘Kindness & Wisdom’ Sept, 23, 2022 @acenewsservices

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#AceBreakingNews – Boeing is to pay out $200m (£177.5m) over charges that it misled investors about two fatal 737 Max crashes.

By Monica Miller
Business reporter

The US stock market regulator said the aviation giant and its former chief executive Dennis Muilenburg made false statements about safety issues.

Boeing “put profits over people” in an effort to rehabilitate its image, according to the Securities and Exchange Commission (SEC).

The 737 Max was grounded for 20 months after two crashes killed 346 people.

As part of the settlement Mr Muilenburg will also pay a penalty of $1m.

“In times of crisis and tragedy, it is especially important that public companies and executives provide full, fair, and truthful disclosures to the markets,” SEC chairman Gary Gensler said in a statement.

• Boeing refutes safety concerns over 737 Max
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Boeing and Mr Muilenburg “failed in this most basic obligation,” he added.

The SEC’s statement also said that both Boeing and Mr Muilenburg did not admit or deny the regulator’s findings.

“We will never forget those lost on Lion Air Flight 610 and Ethiopian Airlines Flight 302, and we have made broad and deep changes across our company in response to those accidents,” Boeing said in response to the SEC’s announcement.

“Fundamental changes that have strengthened our safety processes and oversight of safety issues, and have enhanced our culture of safety, quality, and transparency,” the company added.

The SEC said a fund will be established for investors who suffered losses due to the misleading information between 2018 and 2019.