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Boeing has been fined more than $2.5 billion

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Miguel A. Rodriguez
Miguel A. Rodriguez
11 January 2021
Boeing settled criminal conspiracy charge over its 737 Max crushes

Amid criminal probe with the US Justice Department, Boeing agreed to pay a fine that tops $2.5 billion. The airline was accused of concealing information about its 737 Max airplanes involved in two crashes that impacted 346 lives.

According to prosecutors, the company "knowingly and willfully" defrauded the US by undermining the FAA's (Federal Aviation Administration) ability to assess the plane's safety.

Boeing admitted the wrongdoings and waived its rights to a trial due to its deal with the US Justice Department. The $2.51 billion fine is made up of $243.6 million criminal penalty, $1.77 billion for its customers, and $500 million for crash victims' family members.

The two crashed caused the worst-ever crisis for Boeing, which lasted for approximately two years, having an impact on its reputation of being the "world's largest aircraft manufacturer."

Following the news, in after-hours trading, Boeing stock price fell 0.22%.

Sources: france24.com, cnbc.com

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Miguel A. Rodriguez
Miguel A. Rodriguez
Financial Writer

Miguel worked for major financial institutions such as Banco Santander, and Banco Central-Hispano. He is a published author of currency trading books.