Kirkland & Ellis and McGuire Woods Advise Boeing in federal Fraud case
According to the US Department of Justice, aviation major Boeing has agreed to pay just over $2.5 billion to resolve
By : Legal Era
Update: 2021-01-11 13:59 GMT
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Kirkland & Ellis and McGuire Woods Advise Boeing in federal Fraud case According to the US Department of Justice, aviation major Boeing has agreed to pay just over $2.5 billion to resolve a federal charge of "criminal misconduct" for how its employees misled regulatory officials during certification of the 737 MAX. Boeing has agreed to pay the amount as part of a deferred...
Kirkland & Ellis and McGuire Woods Advise Boeing in federal Fraud case
According to the US Department of Justice, aviation major Boeing has agreed to pay just over $2.5 billion to resolve a federal charge of "criminal misconduct" for how its employees misled regulatory officials during certification of the 737 MAX. Boeing has agreed to pay the amount as part of a deferred prosecution agreement.
Of that amount, only $243.6 million, less than 10 per cent, is a fine paid to the US government for the criminal conduct, "which reflects a fine at the low end" of the sentencing guidelines, the court agreement said.
The rest includes an additional $500 million which the company has committed to pay as compensation to the families of the 346 people who died in two crashes of the 737 MAX.
Boeing has agreed that it mislead US regulators who certified Max's design. The prosecution agreement stipulates that the charge will be dropped after three years if Boeing complies with a series of requirements.
The aviation giant was advised by Kirkland & Ellis and McGuire Woods in the federal fraud case.