The current and former directors at the Boeing Co. have reached an agreement to settle the lawsuit over the board’s oversight of the 737 Max aircraft’s safety for $237.5 million. The documents show that this figure was the agreed amount after the meeting between the board of directors and their shareholders.

After the fatal 737 MAX crashes of two of their aircrafts in the span of just five months in 2018 and 2019 that killed about 346 people, the best-selling plane of the Boeing Co. was suspended for 20 months. The plane was then returned to the service of the company after the months of suspension with significant training and software improvements. As per the proposed agreement, which was filed in the Delaware Chancery Court late on Friday, it was confirmed that by the company that it will require the election of an additional board director with aerospace engineering or even a product safety oversight in the span of one year.

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According to the Fire and Police Pension Association of Colorado and New York State Comptroller Thomas P. DiNapoli, the lead plaintiffs in the case, the settlement after being approved will be the largest monetary recovered in a lawsuit in the courts of Delaware Courts over the allegations that the directors have failed to protect the people from the risk of harm in their aircrafts.

Boeing Co.’s board of directors failed in their fiduciary responsibility to make sure they monitor the safety of people and to protect their company. It is the shareholders and the customers from the unsafe business practices who admitted illegal conduct. The company hopes to move forward, and the reform agreements in the settlement will help protect the company and the public who flies with them against future tragedy and begin restoring the reputation of the company.

According to the proposal, this agreement of settlement calls for the board of directors of Boeing Co. to always require to have at least three directors with safety-related experience and must be approved by the judge before it becomes final. Under the settlement, the company needs to amend its bylaws to separate the CEO and the Board chair positions. This must be done to create at least five years of ombudsperson program so that they can provide the Boeing employees that will conduct airplane certification work for Federal Aviation Administration with a way to raise some work-related concerns.

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Sources: NY Times, Reuters, Times Now News