Boeing [NYSE: BA] announced that it has dedicated $50 million of a previously announced $100 million fund to provide near-term financial assistance to families of the victims of the Lion Air Flight 610 and Ethiopian Flight 302 accidents. Boeing also announced that it has retained Kenneth Feinberg and Camille Biros , renowned experts in establishing and overseeing victims' compensation funds, to design and administer the fund.
"The tragic loss of life in both accidents continues to weigh heavily on all of us at Boeing, and we have the utmost sympathy for the loved ones of those on board," said Dennis Muilenburg , Boeing chairman, president and CEO. "Through our partnership with Feinberg and Biros, we hope affected families receive needed assistance as quickly and efficiently as possible."
The $50 million fund represents the initial expenditure of a $100 million pledge by Boeing to address family and community needs of those affected by the accidents. All monies distributed by Mr. Feinberg and Ms. Biros will be independent from any resolution provided through the legal process.
