COLUMBUS, Ohio – Ohio Attorney General Dave Yost announced today that two Ohio pension funds have been appointed as co-lead plaintiffs in a class-action lawsuit against Boeing’s board of directors over a pattern of safety and compliance failures. A Delaware judge appointed the Ohio Public Employees Retirement System (OPERS) and the State Teachers Retirement System of Ohio (STRS) to lead the legal action, which seeks accountability for Boeing’s failures that have harmed both the company and its investors.
The lawsuit, filed on behalf of OPERS and STRS, accuses Boeing’s board members, including former CEO Dave Calhoun, of breaching their fiduciary duties by failing to properly oversee the company’s safety measures and response to concerns raised by whistleblowers regarding its production processes.
Boeing’s safety and compliance failures culminated in a near-disaster in January 2024, when a Boeing 737 Max 9, operated by Alaska Airlines, was forced to make an emergency landing shortly after takeoff due to a panel blowing off mid-flight. The incident involved 177 passengers but thankfully resulted in no injuries.
In a ruling on Thursday, Vice Chancellor Morgan Zurn of the Delaware Court of Chancery named OPERS and STRS as co-lead plaintiffs in the case, alongside the Oklahoma Firefighters Pension and Retirement System. Together, the two Ohio pension funds own over 800,000 shares of Boeing, valued at approximately $139 million.
Ohio Attorney General Dave Yost’s office is representing both pension funds in the lawsuit, which aims to hold Boeing’s leadership accountable for their failure to address safety concerns that jeopardized the company’s reputation and financial health.
