COLUMBUS, Ohio — A Delaware judge appointed two Ohio pension funds as co-lead plaintiffs in a class-action lawsuit seeking accountability from Boeing’s board of directors for a pattern of safety and compliance failures that have harmed both the company and its investors.
Ohio Attorney General Dave Yost’s office, representing the Ohio Public Employees Retirement System (OPERS) and the State Teachers Retirement System of Ohio (STRS), accuses Boeing board members of breaching their fiduciary duties by failing to properly oversee the company.
The lawsuit alleges that board members and senior management, including former Boeing CEO Dave Calhoun, neglected to implement adequate safety measures and failed to address whistleblower concerns regarding the company’s production processes.
Boeing’s safety and compliance shortcomings came to a head in January 2024 when an Alaska Airlines Boeing 737 Max 9 aircraft suffered a critical failure. A panel detached from the aircraft shortly after takeoff, forcing an emergency landing. The flight, carrying 177 passengers, avoided disaster, but the incident intensified scrutiny on Boeing’s management and oversight practices.
Last week, Vice Chancellor Morgan Zurn of the Delaware Court of Chancery appointed OPERS and STRS as co-lead plaintiffs in the case, alongside the Oklahoma Firefighters Pension and Retirement System. The two Ohio pension funds collectively own more than 800,000 Boeing shares, valued at approximately $139 million.
“The failure of Boeing’s leadership to prioritize safety and corporate accountability has directly impacted its investors,” said Attorney General Yost. “Ohio’s pensioners deserve better oversight of their investments, and we are taking action to ensure responsible corporate governance.”
The lawsuit seeks reforms within Boeing’s corporate structure to prevent future safety lapses, as well as financial damages for shareholders who have suffered losses due to the company’s alleged negligence.
