The deal also requires the Boeing board have more directors with a background in aerospace or safety oversight, a shortcoming while the 737 Max was being certified. The company agreed to add a director with that expertise within a year and ensure at least three directors are similarly qualified. (Credit: Luke MacGregor/Bloomberg) The deal also requires the Boeing board have more directors with a background in aerospace or safety oversight, a shortcoming while the 737 Max was being certified. The company agreed to add a director with that expertise within a year and ensure at least three directors are similarly qualified. (Credit: Luke MacGregor/Bloomberg)

(Bloomberg) — Boeing Co. directors agreed to a $237.5 million settlement of claims they turned a blind eye to safety issues related to 737 Max jetliners, whose crashes have cost the company more than $20 billion, according to court documents.

The settlement, which is being paid by insurers covering Boeing's directors and executives, will be handed over to the company rather than disgruntled investors who sued over the board's oversight failures, according to a filing in Delaware Chancery Court.

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