U.S. opens $500 million fund for relatives of Boeing 737 MAX victims

A $500 million victim compensation fund for the relatives of 346 people killed in two fatal Boeing 737 MAX crashes opened Monday, the claim administrators told Reuters.

The fund is part of a settlement with the Justice Department. Boeing Co in January agreed to pay $500 million to compensate the heirs, relatives and beneficiaries of the passengers who died in Lion Air Flight 610 and Ethiopian Airlines Flight 302 in 2018 and 2019.

Each eligible family will receive nearly $1.45 million and money will be paid on a rolling basis as claim forms are submitted and completed, said administrators Ken Feinberg and Camille Biros in a joint statement.