Sharjah24 – Reuters: Boeing Co current and former company directors have reached a $237.5 million settlement with shareholders to settle a lawsuit over the safety oversight of the 737 MAX, settlement documents seen by Reuters show.

The proposed settlement agreement, which is being filed in Delaware Chancery Court late on Friday, will require the election of an additional board director with aviation safety oversight expertise and the creation of an ombudsperson program.

It also requires amending the company by-laws to require the separation of the CEO and board chair positions. The financial penalty is to be paid by insurers to Boeing, the documents show.