Billions at Stake: Aircraft Lessors and Insurers Gearing Up for June 2024 Trial

Some of the world’s largest aircraft lessors and insurers are aiming to be ready to go to trial in June 2024 over contested insurance claims for aircraft stuck in Russia, a lawyer for one of the lessors said on Monday.

Lessors are suing dozens of insurers around the world for billions of dollars after more than 400 planes were unable to leave Russia due to Western sanctions in response to Moscow’s invasion of Ukraine that forced the termination of their leases.

The world’s number two and three lessors, SMBC and Avolon, as well as BOC Aviation (2588.HK), CDB Aviation, Nordic Aviation Capital and Carlyle Aviation Partners are pursuing their claims in Ireland, where more than 60% of the world’s leased aircraft are owned or managed.

Kelley Smith, a lawyer for Avolon, told a hearing on Monday that all parties involved were aiming for a trial date of June 4 next year, with a number of procedural steps to be completed before then.