On Wednesday, July 3rd, KMPH FOX 26 News reports that Boeing announced that it would provide what it calls “an initial investment” of $100 million to help families and communities that were affected by two crashes of its 737 Max aircraft that was responsible for the deaths of 346 people.
The aircraft manufacturer has faced significant financial losses after the crashes and the grounding of all 737 Max aircraft models by airlines and by federal regulators since March. Most of the airlines that had orders pending for the 737 Max aircraft have canceled their orders. In addition to the dozens of lawsuits Boeing is now facing from surviving family members of those killed in the crashes, the company’s stock has taken a major hit on Wall Street.
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Investigations conducted by the FAA and the NTSB reveal that software installed on the aircraft’s systems was found to be at fault, pushing the noses of the jets down causing pilots to struggle against the planes’ own operating systems. The company has since made updates to the aircraft’s software, but it won’t be until September that the changes will be submitted to federal regulators for final approval.
The CEO for Boeing said in a statement that the company is now focused on earning back the trust of both the airlines and the consumers who fly over the next several months.
Attorneys representing surviving family members of both crashes are skeptical about Boeing’s announcement of the amount of money the company has announced. Given the number of lives lost and the significant impact that the crashes have had on surviving family members one lawyer even said in an interview with the media; “I wouldn’t even say it was a good start.”