The London High Court ruled in favor of six aircraft leasing firms, including AerCap and Dubai Aerospace Enterprise, in a significant $4.7 billion lawsuit against insurers regarding planes stranded in Russia due to the Ukraine invasion. The court determined that the aircraft had been effectively lost on March 10, 2022, when Russian legislation prohibited their export. This ruling allows the leasing firms to recover losses from war risk insurers like AIG and Lloyd's, marking a critical decision in one of the largest insurance disputes in the UK. Insurers also face a $2.5 billion claim in Dublin.
In a landmark ruling, the high court in London ruled in favor of aircraft leasing companies over insurers regarding planes stranded in Russia post-Ukraine invasion.
Justice Butcher determined that the aircraft losses were due to an act of the Russian government, allowing leasing firms to recover under war risk insurance.
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