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/NBAA2014 10.24.14 ** HD iPad-Friendly -- Airborne/NBAA2014 10.24.14 **
** Airborne/NBAA2014 10.22.14 ** HD iPad-Friendly -- Airborne/NBAA2014 10.22.14 **
** Airborne/NBAA2014 10.21.14 ** HD iPad-Friendly -- Airborne/NBAA2014 10.21.14 **
** Airborne/NBAA2014 10.20.14 ** HD iPad-Friendly -- Airborne/NBAA2014 10.20.14 **

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 at NBAA-10.22.14: Legacy 500, Universal InSight, BendixKing AeroWave

Also: GE Honda, Sagem's Active SideStick, Syberjet Update, Techno Aerospace Knows How to Party The FAA handed over certification papers for Embraer's Legacy 500 executive jet durin>[...]

ANN's Daily Aero-Linx (10.24.14)

Homebuilt Homepage: Clubs And Newsletters This page lists Homebuilt related Clubs and Newsletters.>[...]

ANN's Daily Aero-Term (10.24.14): Phase Separation – Aviation Fuel

Phase separation is when a combined liquid separates into two different liquids and may occur when autogas is used for aviation fuel.>[...]

Aero-News: Quote Of The Day (10.24.14)

“I’m excited and humbled by the trust that the ALPA Board of Directors has placed in me with this election.” Source: ALPA President-Elect Tim Canoll.>[...]

ANN FAQ: Q&A 101

A Few Questions AND Answers To Help You Get MORE Out of ANN!>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

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