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Snippet of the Week in Review: Boeing's stock price falls

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Last Played: March 03, 2021
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Guest host C.R. Douglas reviews the week’s news with former Attorney General Rob McKenna, Crosscut reporter Melissa Santos, and former State Legislator Jessyn Farrell.
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reporter for Crosscut. We welcome you all More bad news for Boeing This week, a group of shareholders have filed a lawsuit claiming the company misled them about the safety of the 7 37 max resulted in losses to their stock holdings, and also more families had brought suit against the company. Here's Adnan Stew Mo. Whose sister was an Ethiopian Airlines passenger, the potential of my sister on 156 others driven straight into the ground because of Boeing's greed. Now Boeing officially apologized for the 27 37 max crashes. Here's CEO Dennis Muilenburg. It's our responsibility to eliminate this risk way own it, and we know how to do it, Muhlenberg says. At least 96 test flights have been taken recently to analyze the new software fix, and they're going to make more in the coming weeks as they try to convince regulators. Toe let the plane fly again. Rob McKenna. How would you rate how Boeing is dealing with this crisis? Well, it it's easy to criticize them because, you know, the planes weren't grounded as fast as you know. Now it appears they should have been number one number two. Um, the relationship between Boeing. The FAA is coming into a lot of scrutiny, and I think it's going to change in the future. So with the benefit of hindsight, and it looks like it was a little too close, um, number three, I think that the CEO did did the right thing by taking some responsibility, saying what he said, apologizing in terms of litigation. You know, I'm not surprised at all to see shareholder litigation at this point when when there's an event causing a publicly traded company stock price to drop quickly, it almost always seems to produce a class action shareholder driven. You succeed. They usually result in settlements. They rarely go to trial and result in verdict. What about the families of victims? That's different claim. Will they have? They'll have they'll they'll have claims that will result in settlements In all likelihood, Yeah, And is it almost automatic now that the company has admitted responsibility that those claims will be successful? Well, even if they have the victims, even if they had a company? I'm not commenting on Boeing's case specifically here, and I don't I don't represent going in anyway, but typically a company will choose the certainty of settlement over the uncertainty and cost of litigation. Uh, even if they haven't admitted that they contributed to the accident anyway, Here with Boeing statements about the caste system being being fed incorrect data, it sure looks like a case that they were going to settle with.
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