Current and former Boeing Co. directors have reached an approximately $225 million agreement to settle a shareholder lawsuit that claimed the plane maker’s board failed to properly oversee safety matters related to the 737 Max, according to people familiar with the matter.
As part of the proposed settlement, Boeing
has agreed to hire an ombudsman to handle internal issues and appoint a board member with experience in aviation safety, some of these people said.
The settlement isn’t expected to include an admission of wrongdoing on the part of the directors, including Chief Executive David Calhoun, some of the people said. Calhoun, a director since 2009, was among board members who oversaw management during the airplane’s development and between two Max accidents, which took 346 lives.
The monetary portion of the settlement would be paid by directors’ insurers to the corporation, the people familiar with the agreement said.
An expanded version of this report appears on WSJ.com.
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