Ohio to jointly lead class-action lawsuit against Boeing for safety failures
Ohio’s Attorney General, Dave Yost, revealed that two Ohio pension funds will lead a class-action lawsuit against Boeing’s board of directors for negligence in safety and compliance. The Ohio Public Employees Retirement System (OPERS) and the State Teachers Retirement System of Ohio (STRS) have been appointed as co-lead plaintiffs in the legal action to hold Boeing accountable for its failures that have had detrimental effects on the company and its investors.
The lawsuit, filed on behalf of OPERS and STRS, accuses Boeing’s board members, including former CEO Dave Calhoun, of breaching their fiduciary duties by neglecting to oversee the company’s safety measures and response to whistleblower concerns about its production processes.
Boeing’s mishaps came to a head in January 2024 when a Boeing 737 Max 9, operated by Alaska Airlines, had to make an emergency landing after a panel blew off mid-flight. This incident, involving 177 passengers, fortunately did not result in any injuries.
Vice Chancellor Morgan Zurn of the Delaware Court of Chancery named OPERS and STRS as co-lead plaintiffs in the case, along with the Oklahoma Firefighters Pension and Retirement System. Collectively, the two Ohio pension funds own more than 800,000 shares of Boeing, valued at around $139 million.
Ohio Attorney General Dave Yost’s office is representing both pension funds in the lawsuit, aiming to hold Boeing’s leadership accountable for their failure to address safety concerns that not only tarnished the company’s reputation but also put its financial well-being in jeopardy.
