Boeing to pay $144,500 compensation to kin of victims killed in 737 MAX crashes

Boeing has announced that it will start paying a $144,500 compensation to each family of the more than 340 victims who were killed in two plane crashes that involved the 737 MAX aircraft.

The announcement came on Monday and the money comes from Boeing`s $50 million financial assistance fund, the BBC reported. The fund has started accepting claims, which must be submitted before 2020.

But lawyers for the victims` families, many of whom are pursuing the company in court, have dismissed the fund as a publicity stunt.

"$144,000 doesn`t come close to compensating any of our families or any of the families," said Nomaan Husain, a Texas-based attorney who is representing 15 families.

The 737 MAX has been globally grounded since March, as investigators evaluate the airplane`s safety following the fatal crashes in Indonesia and Ethiopia, which claimed the lives of 346 people.

Boeing in July had pledged $100 million to families and communities affected by the crashes. The company later said half would be reserved for direct payments to families, with the other half set aside for education and development programmes in affected communities.