Ohio steps up to the litigation plate as two of its major pension funds join forces against aerospace giant Boeing. In their legal crosshairs is an array of safety missteps they assert have bruised the company and its shareholders. The Ohio Public Employees Retirement System (OPERS) and the State Teachers Retirement System of Ohio, backed by Ohio Attorney General Dave Yost, claim Boeing's board dropped the ball on proper oversight practices.

Represented by Yost's office, the Ohio funds are gunning for accountability at the highest level. Looking down the barrel of this class-action lawsuit are Boeing's board of directors, and notably, former CEO Dave Calhoun. With nearly 800,000 shares of Boeing stock between them, OPERS and STRS are not taking the alleged breaches of fiduciary duties lying down.

Bringing this to a head was the January 2024 incident pressing the point home: a potentially disastrous episode involving a Boeing 737 Max 9, which was tasked with Alaska Airlines passengers' safety, yet instead, a panel taking off from the aircraft soon after takeoff, putting 177 lives in jeopardy. An emergency landing was the saving grace but underscored the stakes of Boeing's alleged safety lapses.

The courts have taken notice, too, with Vice Chancellor Morgan Zurn of the Delaware Court of Chancery appointing OPERS and STRS to co-lead plaintiff status jointly with the Oklahoma Firefighters Pension and Retirement System. With their substantial stock ownership totaling about $139 million and visible stakes in Boeing's fortunes, they now carry the torch for investors seeking redress.

The press release from Yost's office is available for further details, revealing the depth of this investor-driven conflict. Interested parties can parse the finer points of the complaint and the lawsuit's trajectory at the Ohio Attorney General's official media outlet—more of which can be read here.