SAA and SIA fined for price fixing
28th March 2012
Dubai Aerospace Enterprise (DAE) secured a settlement agreement with insurer AXA in relation to aircraft stranded in Russia following the country's 2022 invasion of Ukraine, Reuters reported. It comes as the London 'mega trial' began at the London High Court on October 2, 2024.
The outlet reported that DAE's lawyer Alistair Schaff told the court in London on October 2, 2024, that a confidential settlement had been secured for a portion of its policy. Claims remain for 19 of DAE's jets.
AerCap's lawyer Mark Howard told the court that it was unlikely that the lessor could recover the aircraft or engines stranded in the country.
"The reality is... the aircraft and engines are lost," Howard said, according to Reuters.
It is one of the largest insurance disputes to be carried out in London. The case includes AerCap, DAE, Merx Aviation, KDAC Aviation Finance, and Falcon claiming against insurers AIG, Lloyd's, Chubb and Swiss Re.
The lawsuit is related to around 150 aircraft and some engines. It is expected to close by the end of the year.