Boeing 737 Max Tragedy: Airplane Manufacturer To Pay Each Crash Victim's Family $144,500

Administrators of Boeing's $50 million Financial Assistance Fund announced Monday that every family of the victims who died in the Boeing 737 Max crashes will receive $144,500.

The families of the victims are spread across 35 countries. They will be able to make their claims immediately and will not have to release their right to litigate against Boeing as a condition to receive the money. The claims will have to be postmarked no later than Nov. 30.

Fatal crashes in Ethiopia and Indonesia on Boeing 737 Max planes over the past year have killed a total of 346 people. The model was grounded in March and is being tested to see if it can return to the sky for safe commercial travel.

"The recent 737 Max tragedies weigh heavily on all of us at Boeing and we continue to extend our deepest sympathies to the families and loved ones of all those on board," Dennis Mullenberg, the CEO of the Boeing company said in a statement Monday.

"The $50 million Boeing Financial Assistance Fund represents the initial expenditure of a $100 million pledge by Boeing to address family and community needs of those affected by the tragedies," the statement continued. "The additional $50 million in funds will support education and empowerment in impacted communities."

The Boeing Financial Assistance Fund was first announced in July, and is administered by Washington lawyers Ken Feinberg and Camille S. Biros.

Indonesian investigators have determined that Boeing's design and oversight lapses caused the crash of the 737 Max that was piloted by Indonesian carrier Lionair in October. An Ethiopian government report has said that a faulty sensor caused the crash of the Ethiopia Airlines 737 Max plane on March 10.

In July, Boeing Co. announced that it had a 35% drop in revenues and a loss of $2.9 billion in the second quarter of 2019 due to the crashes.