Embattled aerospace company Boeing (NYSE:BA) has agreed to plead guilty to criminal conspiracy to defraud the U.S. by allegedly misleading the Federal Aviation Administration regarding the safety of its 737 MAX, a late-Sunday court filing by the Department of Justice said, according to media reports.
What Happened: Boeing has agreed to pay up to $487.2 million, the maximum allowed by law, in criminal fines following an agreement in principle with the Justice Department. A judge will determine the actual fine amount, the DOJ reportedly said.
The agreement also requires Boeing to install a corporate monitor and spend at least $455 million to bolster its compliance and safety programs over the next three years. The implementation of the terms of the agreement is subject to court approval. The Arlington, Virginia-based company would also be subjected to three years of court-supervised probation.
A Boeing spokesperson confirmed the plea deal in an email reply to ...