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 08.29.14 ** HD iPad-Friendly -- Airborne 08.29.14 **
** Airborne 08.27.14 ** HD iPad-Friendly -- Airborne 08.27.14 **
** Airborne 08.25.14 ** HD iPad-Friendly -- Airborne 08.25.14 **

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

Classic Aero-TV: 26,000 Pounds of Heli-Beast -- The Cold War Air Museum’s Mi-24

Ugly To Many, But Incredibly Beautiful To Hard-Core Helo Fans ANN CEO and Editor-in-Chief, Jim Campbell visited the Cold War Air Museum's Mi-24 Russian helicopter at HAI a little o>[...]

Airborne 08.29.14: Google Drone!, Cessna's 10,000th, Bearhawk LODA

Also: Big Boeing Order, Napa Tower Quaked, Landsberg Retires, Galileo Falters Breaking News! Google has unveiled an exciting new UAV project, called Project Wing, which has been un>[...]

Aero-News: Quote Of The Day (09.01.14)

“We are delighted that construction of a world-class aerospace assembly facility is underway in Lafayette and that skilled Louisiana workers will be producing the standard-be>[...]

Annual Oshkosh 2014 'Best/Worst Of' Award Selection Invites YOUR Participation!

YOU Can Contribute To The Annual List Compiled By The Staff and Readership of the ANN and Aero-TV! E-I-C Note: We're going to start naming names and dropping details THIS week--- t>[...]

Klyde Morris (09.01.14)

Klyde Drones On... and On... FMI: www.klydemorris.com>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

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