A significant part of a High Court case involving aircraft lessors and insurers regarding aircraft stranded in Russia has been settled, as confirmed by a judge on Thursday.
The legal proceedings began in June 2023, lasting over 100 days and involving multiple aircraft lessors against numerous insurers worldwide.
The dispute arose from losses estimated at $8bn (€7.7bn) due to more than 400 aricraft being stranded in Russia following sanctions related to the invasion of Ukraine.
SMBC, which is owned by Sumitomo Mitsui Banking Corporation from Japan, sued 17 parties, comprising 16 insurers and a group of underwriters, in case number 2022/5975/P.
CDB Leasing, owned by China Development Bank, along with its special purpose vehicles, launched two distinct lawsuits: one involving 21 insurers (2022/5759/P) and the other concerning four insurers (2022/6502/P).
At the outset of the case, the overall damages sought amounted to more than USD 8 billion, but several claims have been resolved since then.
Earlier this year, Avolon, BOC Aviation, and Nordic Aviation Capital finalised all of their outstanding claims.
Last month Avolon, BOC Aviation, and Nordic Aviation Capital settled lawsuits in the High Court against insurers, leaving CDB Aviation, Nordic Aviation Capital and Hermes Aircraft pursuing claims in Ireland. FTAI Aviation is the sixth lessor pursuing legal action against insurers in the High Court in Ireland.
Singapore-based BOC is continuing to pursue a separate claim against insurers in London’s High Court.
