Split 7th Circ. Says Boeing Can't Curb 737 Max Derivative Suit
By Linda Chiem (January 10, 2022, 5:29 PM EST) -- A split Seventh Circuit panel said Friday that Boeing can't use its bylaws to prevent shareholders from bringing federal derivative claims alleging its board directors and officers issued false and misleading statements concerning the 737 Max jets in the years leading up to two fatal crashes.
The 2-1 appellate panel revived a shareholder derivative suit that the Seafarers Pension Plan had filed in Illinois federal court alleging current and former board members and executives of The Boeing Co. issued false and misleading proxy materials about the development and operation of the 737 Max from 2017 to 2019.
The Seventh Circuit majority...
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