Boeing to Pay Justice Department $1.1 Billion to Settle 737 Safety Fraud Case: 'Deadliest Corporate Crime in US History'

Boeing 737 were grounded worldwide for nearly two years following two fatal crashes linked to a flawed flight-control system. (Credit: Aka The Beav/flickr)

Boeing and the US Department of Justice have reached an agreement that will allow the aerospace giant to avoid prosecution on criminal charges over two plane crashes that killed 346 people.

Under the new non-prosecution agreement, Boeing will pay or invest more than $1.1 billion, CNBC reported. $445 million will go toward safety and compliance programs, $444.5 million is to be set aside for crash victims, with the remainder dedicated to paying remaining criminal fines.