A US judge has approved a 237.5 million dollar (£177.5 million) settlement of a lawsuit in which Boeing investors accused company board members of failing to properly oversee safety issues around the 737 Max before two of the planes crashed, killing 346 people.

The investors filed the so-called derivative lawsuit on behalf of Boeing.

Insurers for several current and former Boeing directors will pay the settlement to Boeing.

New York State Comptroller Thomas DiNapoli, representing two funds that sued Boeing, said the settlement included needed safety reforms such as a method for employees to raise concerns and adding a board member with aviation or safety experience.

“We hope this settlement will help safeguard Boeing and the flying public against future catastrophe and protect shareholders’ long-term investments in the company,” he said.

The settlement, which was reached in November, was approved on Wednesday by a court in Delaware.

Boeing and two of its subcontractors also face lawsuits by families of passengers who died in the 2018 and 2019 crashes.

On Thursday, one of those families asked a federal judge in Chicago to add Boeing chief executive David Calhoun and former chief executive Dennis Muilenburg as defendants.

A lawyer for the parents of 24-year-old Samya Stumo said the executives have not been held accountable or acknowledged fault in connection with the second crash, which occurred five months after the first one.