AIG Files Lawsuit Against Steven Udvar-Hazy | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

** Airborne 04.21.14--CLICK HERE! ** HD iPad-Friendly Version--Airborne 04.21.14 **
** Airborne 04.18.14--CLICK HERE! ** HD iPad-Friendly Version--Airborne 04.18.14 **
** Airborne 04.16.14--CLICK HERE! ** HD iPad-Friendly Version--Airborne 04.16.14 **

Thu, Apr 26, 2012

AIG Files Lawsuit Against Steven Udvar-Hazy

Says He Stole Secrets When Founding Air Lease

Insurance giant AIG, which is the parent company of International Lease Finance Corp, has filed a lawsuit against one of ILFC's founders, Steven Udvar-Hazy. In the suit, AIG and ILFC claim that Mr. Udvar-Hazy stole trade secrets and other information when he left to form now-rival Air Lease Corporation.

The Wall Street Journal reports that Udvar-Hazy and Air Lease effectively stole business away from ILFC. The suit charges that some employees of ILFC downloaded files and diverted customers to Air Lease before they jumped to the rival company. Both are in the lucrative business of leasing airliners to commercial airlines worldwide.

In a statement, Air Lease said "Since Air Lease Corporation’s founding in 2010, it has experienced terrific success in the marketplace and among investors. In contrast, following AIG’s financial collapse, its subsidiary International Lease Finance Corporation has struggled with an aging fleet, heavy debt load, and loss of talent, and has failed to complete a planned IPO. Unable to compete effectively and perceiving Air Lease as a growing threat, AIG/ILFC has now resorted to a baseless trade secrets lawsuit that Air Lease will vigorously contest and defeat. And while AIG/ILFC wastes its time in court, Air Lease – under the leadership of Steve Udvar-Hazy, one of the most influential figures in the aircraft leasing industry – will continue to focus on providing the best products and services for airlines worldwide."

AIG, which is still owned largely by the federal government following a bailout, is seeking several hundred million dollars in the suit.

FMI: www.ilfc.com, www.airleasecorp.com

Advertisement

More News

Airborne 04.21.14: Blue Angel Troubles, 8000th B737, Chelton/S-TEC Acquired

Also: Canadian CFI Fired After CNN Appearances, Forecast Says More UAVs, Funny Flt Attendant AVW, Avidyne/Trego-Dugan... It would be harder to find a more respected Military leader>[...]

Airborne 04.18.14: SpaceX's Historic Pad, Sikorsky Going Presidential?, EAA B17

Also: Airmen Support Pilot's Son, Beyond The Blue!, More Wrong-Way SWA Fallout, Missing WWII Airman Comes Home NASA signed an agreement with Space Exploration Technologies Corporat>[...]

Airborne 04.21.14: Blue Angel Troubles, 8000th B737, Chelton/S-TEC Acquired

Also: Canadian CFI Fired After CNN Appearances, Forecast Says More UAVs, Funny Flt Attendant AVW, Avidyne/Trego-Dugan, Weird Georgia Military Lawsuit--Over Flightsuits, etc... It w>[...]

Goodyear Reveals Ten Finalists For Name The Blimp Contest

Nearly 15,000 Unique Entries Received By The Tiremaker For Its New Icon After receiving nearly 15,000 unique submissions for its national "Name the Blimp" contest, The Goodyear Tir>[...]

ANN's Daily Aero-Linx (04.22.14)

American Association of Airport Executives Founded in 1928, AAAE is the world's largest professional organization for airport executives, representing thousands of airport manageme>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2014 Web Development & Design by Pauli Systems, LC