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.

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