Boeing will pay over $487 million in penalties for Max 737 Max crashes in Indonesia and Ethiopia|prayitnophotography|CC BY 2.0

Boeing agreed on Sunday to admit guilt for defrauding the government in a case tied to crashes of its Max 737 Max jets, which killed 346 people in Indonesia and Ethiopia.

The company, accused of hiding crucial details from aviation regulators and violating terms, will pay over $487 million in penalties and submit to strict oversight.