Mar 23, 2020; Everett, Washington, USA; A Boeing 737-Max performs a touch-and-go at Paine Field outside of the Boeing Everett factory. All Puget Sound Boeing factory operations will be suspended because of COVID-19 starting March 25th. Mandatory Credit: Joe Nicholson-USA TODAY NETWORK
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(AP) — Boeing will pay $200 million to settle charges that it misled investors about the safety of its 737 Max jets after two of the planes crashed, killing 346 people.
The Securities and Exchange Commission announced the settlement Thursday. The SEC charged Boeing and former CEO Dennis Muilenburg with making significant misleading public statements. Neither Boeing nor its former CEO admitted wrongdoing, but they are agreeing to orders that include penalties of $200 million for Boeing and $1 million for Muilenburg.
The SEC says Boeing and the former CEO both knew that an automated flight system on the plane posed a safety issue, but they promised the public that the plane was safe.
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