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Boeing reaches deal to avoid criminal charges over deadly 737 Max crashes
Business Insider· 2025-05-23 19:28
Core Points - The Justice Department has reached a deal with Boeing to avoid criminal charges related to the 737 Max crashes, allowing Boeing to invest over $1 billion in compliance, safety, and quality programs [1] - The deal is not finalized and will be submitted to the court soon [1] - The lack of a felony label could help Boeing secure defense contracts without needing a waiver from the Pentagon [2] - Boeing had previously agreed to plead guilty to conspiracy to defraud the FAA and pay a fine of $243.6 million, but that deal was rejected by a judge [2] - Families of victims have expressed dissatisfaction with the deal, viewing it as a failure of accountability [3] - Boeing has recently secured a defense contract for the F-47 fighter plane and has seen increased orders for the 787 Dreamliner and the yet-to-be-certified 777X [4] - Boeing's shares have risen over 17% year-to-date, outperforming the broader market [4]
3M Resolves PFAS-Related Claims with the State of New Jersey
Prnewswire· 2025-05-12 20:15
Core Viewpoint - 3M has reached an agreement to resolve all legacy claims related to the Chambers Works site in New Jersey, including PFAS-related claims from the State of New Jersey, which is subject to court approval [1][5][6] Group 1: Agreement Details - The settlement allows 3M to focus on strategic priorities and reduces risk and uncertainty regarding legacy issues [2][3] - The agreement acknowledges 3M's proactive measures in ceasing PFAS manufacturing, which other companies have not taken [2][4] - The settlement includes a pre-tax present value commitment of approximately $210 million for the Chambers Works litigation and $75 million for future statewide claims starting in 2030 [9][10] Group 2: Financial Implications - 3M expects to record a pre-tax charge of approximately $285 million in Q2 2025, which will be reflected in its financial results [7] - The payment structure of the agreement is designed to provide predictable cash flow over 25 years, aligning with other company obligations [7][9] Group 3: Historical Context - The Chambers Works site has a history of contamination issues, with 3M having supplied PFAS to DuPont at the site until 2001 [4][5] - The agreement resolves not only the legacy claims but also broader statewide PFAS claims, providing finality without further litigation [5][6]