A Delaware judge has appointed two Ohio pension funds as co-lead plaintiffs in a class-action lawsuit against Boeing’s board of directors for a purported pattern of safety and compliance failures.
Ohio Attorney General Dave Yost’s office – representing the Ohio Public Employees Retirement System and the State Teachers Retirement System of Ohio – accused Boeing board members of breaching their fiduciary duties by failing to properly oversee the company.
The lawsuit asserts that board members and senior management, including former Boeing CEO Dave Calhoun, failed to implement adequate safety measures or to address whistleblower concerns about the company’s production processes.
Boeing’s safety and compliance failures culminated in a near-catastrophe involving a Boeing 737 Max 9 aircraft in January 2024. An Alaska Airlines flight carrying 177 passengers was forced to make an emergency landing after a panel of the aircraft blew off shortly after takeoff.
On Thursday, Vice Chancellor Morgan Zurn of the Delaware Court of Chancery appointed OPERS and STRS as co-lead plaintiffs in the case, along with the Oklahoma Firefighters Pension and Retirement System. The two Ohio pension funds collectively own more than 800,000 Boeing shares worth roughly $139 million.
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