AerCap Triumphs in Jet Dispute: $1 Billion Recovered
The world's largest aircraft lessor, AerCap, won a court ruling to recover over $1 billion for jets stranded in Russia due to the Ukraine invasion, despite initially seeking about $2 billion. London's High Court ruled in favor of leasing companies in the complex dispute with insurers, marking a significant victory.
AerCap, the largest aircraft lessor globally, secured a major legal victory as the High Court in London decided they could recover over $1 billion related to jets stranded in Russia following the Ukraine invasion.
The ruling came after an extensive legal battle after the insurers refused broader policy claims. The judge affirmed that the losses occurred due to Russian government actions, allowing recovery under war risks insurance policies.
This conclusion offers AerCap some relief amidst claims totaling over $2 billion, with the court siding broadly with leasing companies in a significant test of insurance coverage scopes.
(With inputs from agencies.)
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- AerCap
- aircraft
- lessor
- Russia
- High Court
- insurers
- war risks
- Ukraine
- legal dispute
- recovery
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