AIG Agrees to Drop Trade Secrets Case for $72 Million
The deal comes three years after AIG accused billionaire Steven Udvar-Hazy of pilfering its aircraft leasing unit, and three months after Quinn Emanuel stepped into the case.
April 24, 2015 at 01:31 PM
4 minute read
Is the multibillionaire Steven Udvar-Hazy a visionary who successfully salvaged his aircraft leasing business from the near-collapse of American International Group? Or is he a thief who stole AIG's secrets and employees to start a rival company that profited at AIG's expense?
With a trial on the horizon, two of the world's largest aircraft leasing companies reached a deal on Thursday that will keep a jury from ever reaching an answer.
Air Lease Corp., a company Udvar-Hazy created in 2010, detailed the settlement in a filing with the Securities and Exchange Commission. Under the terms of the agreement, Air Lease will pay $72 million to resolve a lawsuit brought by AIG subsidiary International Lease Finance Corp. in Los Angeles state court. (ILFC was acquired by the Dutch company AerCap Holdings NV last year, but AIG retained control of the litigation and will receive the full settlement payment.)
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