Ohio pension funds take lead in class-action lawsuit against Boeing
Ohio is taking a firm stance against Boeing in a class-action lawsuit that seeks accountability for safety and compliance failures. Two Ohio pension funds, OPERS and STRS, have been appointed as the co-lead plaintiffs, with Ohio Attorney General Dave Yost representing them in this legal battle. The Ohio pension funds are joined by the Oklahoma Firefighters Pension and Retirement System in seeking justice against Boeing.
The lawsuit alleges that Boeing’s board members have breached their fiduciary duties by failing to oversee the company properly. Former Boeing CEO Dave Calhoun is also included in the lawsuit for his failure to implement safety measures following whistleblower concerns. These alleged safety and compliance failures have had real-world consequences, as demonstrated by incidents like the one involving Alaska Airlines flight 1282 in January 2024. During this incident, the flight was 16,000 feet in the air when a door plug blew out, causing a significant hole in the fuselage and forcing an emergency landing shortly after takeoff. In response to this incident, the parent company of Alaska Airlines received $160 million from Boeing to compensate for its losses.
Ohio’s involvement in the lawsuit is substantial, given that the two pension funds, OPERS and STRS, collectively own more than 800,000 shares of Boeing, valued at approximately $139 million. By taking legal action against Boeing, Ohio is demonstrating its commitment to standing up for accountability and ensuring that companies like Boeing are held responsible for their actions.
This lawsuit represents an important step in addressing safety and compliance issues within the aviation industry. Holding companies accountable for their failures is crucial to maintaining the safety and trust of passengers who rely on these companies for air travel. It is essential that companies like Boeing are held to the highest standards of safety and compliance to prevent incidents like the one involving Alaska Airlines flight 1282 from occurring in the future.
By co-leading this class-action lawsuit, Ohio is sending a clear message that safety and compliance are non-negotiable when it comes to the aviation industry. The involvement of Ohio’s pension funds in this legal battle highlights the importance of accountability and transparency in holding companies like Boeing responsible for their actions. Ohio’s commitment to seeking justice for safety failures in the aviation industry sets an example for other states to follow in prioritizing the safety and well-being of passengers above all else.
