Boeing to release $50M to victims of 737 Max crashes

CHICAGO -- Boeing [NYSE: BA] today announced it has dedicated the remaining $50 million of a previously announced $100 million fund to support humanitarian needs in communities affected by the Lion Air Flight 610 and Ethiopian Airlines Flight 302 accidents.

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The Boeing Community Investment Fund will work directly with victims' families to enable them to donate to eligible charities of their choosing. The company will partner once again with Ken Feinberg and Camille Biros on the fund's creation, allocation and distribution.

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Feinberg and Biros will immediately begin working with families, governments and other interested parties to identify eligible charitable organizations. All monies distributed by Feinberg and Biros will be independent of any resolution provided through the legal process.

"Following months of extensive discussions with victims' families, government officials, community leaders and others, we determined the best path forward -- both for those who lost loved ones and the communities affected by these accidents -- is to empower the families to decide how to allocate these funds," said Tim Keating, Boeing's executive vice president of Government Operations, who oversees the company's charitable activities. "Through this donation, it is our hope the families will be able to honor their loved ones in a manner that is both personal and meaningful to them while also creating a lasting legacy in their communities around the world."

Work also continues on the previously announced $50 million Boeing Financial Assistance Fund, which is providing near-term financial assistance to families of the victims.

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"When we made our initial $100 million pledge, our first priority was to ensure that we provided families with immediate financial assistance," said Keating. "Ken Feinberg and Camille Biros have made tremendous progress on that effort. Given their success and the trust they have built with the families, we have now asked Ken and Camille to oversee the important work of connecting families with the charitable organizations they deem most meaningful."