U.S. opens fund for relatives of 737 MAX victims

The U.S. has opened a $500 million fund to compensate the relatives of 346 people killed in two fatal Boeing 737 MAX crashes in Ethiopia and Indonesia.

That's according to claim administrators who spoke to Reuters.

The fund, which opened on Monday (June 21), is part of a settlement with the U.S. Justice Department.

Boeing agreed in January to pay $500 million to compensate heirs, relatives and beneficiaries of the passengers who died in the Lion Air and Ethiopian Airlines flights.

The administrators said in a joint statement that each eligible family member will receive nearly $1.45 million.

The money will be paid on a rolling basis as claim forms are submitted and completed.

It's all part of a $2.5 billion Justice Department settlement with Boeing, which was charged with fraud over how the MAX was certified as fit for service.

The jet was grounded for 20 months after the two crashes. The FAA lifted the order after Boeing made software upgrades and training changes.

The Justice Department and Boeing declined to comment on the Reuters report.

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