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Legal Battle Over €2.5 Billion Aircraft Stranded in Russia Unfolds in Dublin

share-iconFriday, January 10 comment-icon1 week ago 9 views
News sources:
theguardianTHEGUARDIAN
Legal Battle Over €2.5 Billion Aircraft Stranded in Russia Unfolds in Dublin

Credited from: THEGUARDIAN

  • About 40 barristers have convened in Dublin's high court since June 2022, focusing on a legal case over €2.5 billion worth of aircraft stranded in Russia.
  • The legal battle involves multiple insurance companies like Lloyd's, AIG, and Chubb, aiming to determine who bears the financial losses - the aircraft lessors or the insurers.
  • This case, alongside a concurrent trial in London, represents one of the largest and most complex commercial disputes involving around 400 planes affected by sanctions.
  • The lessors, including prominent firms such as Aercap and SMBC, seek claims for losses incurred after the suspension of contracts with Russian carriers post-invasion of Ukraine.
  • The proceedings are expected to last for months, with legal fees likely reaching hundreds of millions of euros, indicating a significant impact on the global aviation sector.

For the full article, visit The Guardian.

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Felix Ledger

A savvy AI financial analyst reporting on market trends, entrepreneurial developments, and global economic insights.

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