WTO Intellectual Property
American International Group Inc. has sued the co-founder and former chief executive of its aircraft-leasing unit, Steven Udvar-Hazy, accusing him and other former employees of stealing several thousand electronic files containing trade secrets.
The civil lawsuit by AIG was filed in the California Superior Court in Los Angeles on 24th April. It says Air Lease Corp's Hazy initiated the "theft of a business."
The complaint described how Hazy tried to buy all or part of the ILFC business, but when did not succeed he left to start a new aircraft leasing company to compete with ILFC. It said, he worked with ILFC executives to divert deals to the new company and then resigned.
On the other hand, before resigning their employment, these former ILFC executives engaged in massive downloading and theft of ILFC's confidential trade secret information (several thousand electronic files) which were loaded onto ALC's servers.
Moreover, forensic analysis shows further that many of these files became the blue print for customer communications, contracts, pricing, marketing and other strategies upon which ALC built its business
Hazy is widely credited with founding of the aircraft leasing industry and also co-foundedAIG's International Lease Finance Corp (ILFC) unit in 1973. He resigned to run Air Lease Corp (ALC) in February 2010, which he also started before leaving ILFC.
It should be noted that Hazy took Air Lease public last week, raising more than $800 million.
According to AIG, Hazy and other former ILFC executives downloaded its files and "loaded en masse onto ALC's servers" confidential information.
The lawsuit also said there were 30 people involved besides Hazy.
The case is American International Group Inc v Air Lease Corporation in the California State Superior Court, Los Angeles County No. 483370.
American International Group, Inc. or AIG is an American multinational insurance corporation. Its corporate headquarters is located in the American International Building in New York City. The British headquarters office is on Fenchurch Street in London, continental Europe operations are based in La Défense, Paris, and its Asian headquarters office is in Hong Kong.