9/23/2022, 12:16 AM (Source: TeleTrader)
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SEC, Boeing confirm $200M settlement on 737 MAX case

United States Security Exchange Commission issued a statement Thursday charging Boeing Company and its former CEO, Dennis A. Muilenith making misleading public statements following crashes of Boeing airplanes in 2018 and 2019. The development comes to confirm a previous report by The Wall Street Journal.

"The SEC's orders against Boeing and Muilenburg find that they negligently violated the antifraud provisions of federal securities laws. Without admitting or denying the SEC's findings, Boeing and Muilenburg consented to cease-and-desist orders that include penalties of $200 million and $1 million, respectively," read the statement.

On the other side, Boeing confirmed the settlement, adding that the firm made "fundamental changes" to strengthen the safety processes. The "settlement is part of the company's broader effort to responsibly resolve outstanding legal matters related to the 737 MAX accidents," Boeing also said.

Baha Breaking News (BBN) / JG