ARLINGTON, Va. (NewsNation) — Boeing will pay $200 million to settle charges from the U.S. Securities and Exchange Commission that it misled investors about the 737 MAX that was grounded for 20 months after two fatal crashes killed 346 people.
The SEC also said former Boeing Chief Executive Dennis Muilenburg had agreed to pay $1 million.
“In times of crisis and tragedy, it is especially important that public companies and executives provide full, fair, and truthful disclosures to the markets. The Boeing Company and its former CEO, Dennis Muilenburg, failed in this most basic obligation,” SEC Chair Gary Gensler said.
In a statement released Thursday, Boeing said the settlement “fully resolves the SEC’s previously disclosed inquiry into matters relating to the 737 MAX accidents.”
“We will never forget those lost on Lion Air Flight 610 and Ethiopian Airlines Flight 302, and we have made broad and deep changes across our company in response to those accidents—fundamental changes that have strengthened our safety processes and oversight of safety issues, and have enhanced our culture of safety, quality, and transparency,” the statement read in part.
Reuters contributed to this story.