Boeing Co asked a Delaware court to throw out a shareholders’ lawsuit over the safety of its 737 MAX following fatal crashes, saying the board engaged in “robust and well-established” oversight of jet’s development.
In an amended complaint unsealed in February, New York State Comptroller Thomas DiNapoli, who heads the state pension fund, and other investors argued that Boeing’s board breached its fiduciary duties and acted with gross negligence by failing “to monitor the safety of Boeing’s 737 MAX airplanes.”
The lawsuit, filed in Delaware Chancery Court, also alleges that the board did not develop any tools to evaluate and monitor airplane safety until after two 737 MAX crashes in Ethiopia and Indonesia killed 346 people in a span of five months, and the fleet was grounded. Read more…..
Chart of the Day
Icarus TV
Charlie Munger Says Stock Market Is A Bubble In 2021.
