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Updated: July 3, 2019

Boeing dedicates $100 million to victims of 737 MAX crashes

By Jackie Wattles | CNN Business

Boeing will pay out $100 million to help support the families and communities of the 346 people who died in two 737 Max crashes in the last year.

The company said the money will be given to local nonprofits and community groups who will help distribute the funds. They'll be used to support education, including college tuition or other schooling expenses for children of victims, and "hardship or living expenses for impacted families," Boeing said in statement.

Victim families that accept funds from this pool of money will not be required to give up the right to pursue legal action against the company, a Boeing spokesperson said. The company is facing several lawsuits over the 737 Max incidences.

"We at Boeing are sorry for the tragic loss of lives in both of these accidents and these lives lost will continue to weigh heavily on our hearts and on our minds for years to come. The families and loved ones of those on board have our deepest sympathies, and we hope this initial outreach can help bring them comfort," said Dennis Muilenburg, Boeing chairman, president and CEO.

Boeing's 737 Max jets were grounded worldwide in March after one of the vehicles, flown by Ethiopian Airlines, crashed shortly after takeoff. It followed a crash in late 2018 of a 737 Max flown by Indonesian airline Lion Air.

Boeing will pay out $100 million to help support the families and communities of the 346 people who died in two 737 Max crashes in the last year.

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