A Delaware judge has appointed two Ohio pension funds as co-lead plaintiffs in a class-action lawsuit against Boeing’s board of directors. The lawsuit, which seeks accountability for safety and compliance failures, involves the Ohio Public Employees Retirement System (OPERS) and the State Teachers Retirement System of Ohio (STRS). These funds are represented by Ohio Attorney General Dave Yost’s office.
The legal action accuses Boeing board members of breaching their fiduciary duties by not adequately overseeing the company. The lawsuit highlights failures in implementing safety measures and addressing whistleblower concerns about production processes. Former Boeing CEO Dave Calhoun is among those mentioned in the suit.
A significant incident cited in the case occurred in January 2024 when an Alaska Airlines flight had to make an emergency landing after a panel blew off a Boeing 737 Max 9 aircraft shortly after takeoff. This event underscored ongoing safety issues within the company.
Vice Chancellor Morgan Zurn of the Delaware Court of Chancery appointed OPERS and STRS as co-lead plaintiffs alongside the Oklahoma Firefighters Pension and Retirement System. Together, these Ohio pension funds hold over 800,000 shares of Boeing stock valued at approximately $139 million.
