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Boeing commits $100 million for 737 MAX crash victims

Grounded 737 MAX planes in Seattle, WA
Photo: Stephen Brashear/Getty Images

Boeing announced on Wednesday plans to give $100 million to the families and communities impacted by two fatal 737 MAX crashes, reports the New York Times.

Why it matters: "The move was among the most overt acknowledgment[s] of Boeing's responsibility in the crashes..." per the Times. Boeing will likely have to pay more down the line as the company faces numerous lawsuits, investigations and fines.

Context: The business brought in $101.1 billion in 2018, and $22.9 billion the first quarter of 2019 alone. The $100 million pledge will be distributed over the course of multiple years, according to the Times.

The backdrop: Lion Air Flight 610 crashed in Indonesia, killing the 189 passenger on board last October, and an Ethiopian Air Flight 302 fatally crashed in Kenya, killing all 157 passengers this March. Boeing has since grounded the 737 MAX worldwide, and is working to fix the faulty software that led to the crashes.

Go deeper: Everything you need to know about the Boeing 737 MAX crashes