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Boeing settles on B-737 Max plane crashes

It will pay 200 million dollars to the US Securities and Exchange Commission

The US Securities and Exchange Commission (SEC), the federal body responsible for supervising the stock exchange, announced today that the Boeing Group, which operates in the aerospace and defense sectors, will pay 200 million dollars as a form of plea bargaining on the investigation concerning the two fatal accidents involving the B-737 Max aircraft.

"In times of crisis and tragedy, it is particularly important that public companies and executives provide complete, fair and truthful information to the markets. They have failed in this fundamental obligation. They have misled investors by providing guarantees on the safety of the 737 Max, despite being aware of serious security issues", Sec chairman Gary Gensler explained.

The plea agreement aims to close the court case concerning two massacres: Ethiopian Airlines flight 30210 crashed on 10 March 2019 in Bishoftu, Ethiopia, causing the death of 157 people on board; Lion Air Flight 610 crashed in the Indonesian sea on 29 October 2018, killing all 189 occupants. In both cases, the cause of the accident was due to design flaws in the Maneuvering Characteristics Augmentation System (Mcas), responsible for flight stabilization.

The Boeing company is accused of misleading statements to investors regarding the incidents. At the same time, the former CEO of the industry, Dennis Muilenburg, also pledged to pay a million dollars for the plea deal.

On the same topic see also the article published by AVIONEWS.

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AVIONEWS - World Aeronautical Press Agency