Settlement of shareholder lawsuit reportedly reached (WSJ)
Wall Street Journal reporting that an agreement has been reached for settlement of the shareholder derivative suit. Main elements of the reported settlement include a monetary settlement of $225 million, to be paid by the insurers of the directors and former directors, and paid to the company. The suit was based on the central allegation that the Boeing Board of Directors failed in their fiduciary duty of overseeing safety matters, particular insofar as the 737 MAX aircraft is concerned.
Also reportedly part of the reported agreement is a requirement for Boeing to hire an ombudsman to handle certain internal matters - not further specified in the news report. Not least, the agreement also would require the company to appoint a director to its board with "experience in aviation safety."
No doubt the temptation will be strong for PPRuNers to get their nominations for this Board appointment in early (and often) . . . .