AIG Sues Udvar-Hazy, Air Lease Alleging Theft of Trade Secrets

The Wall Street Journal is reporting that AIG is suing Steven Udvar-Hazy, former chief executive of its ILFC aircraft leasing business alleging theft of trade secrets. The civil lawsuit was filed against Udvar-Hazy, his current company, Air Lease, and various executives who previously worked at ILFC, the Journal said.

Air Lease said in a statement, since its founding in 2010 it has experienced terrific success in the marketplace and among investors. In contrast, following AIG’s financial collapse, its subsidiary ILFC 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.

To read the full Wall Street Journal story (subscription required) click here.

Like this story? Begin each business day with news you need to know! Register now for FREE Daily E-News Broadcast and start YOUR day informed!

Leave a comment

No tags available

View Latest Digital Edition

Terry Mulreany
Subscriptions: 800 708 9373 x130
Susie Angelucci
Advertising: 484.459.3016

View Latest Digital Edition

Visit our sister website for news, information, exclusive articles,
deal tables and more on the asset-based lending, factoring,
and restructuring industries.