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, the insurer bailed out by the U.S. government in the 2008 financial crisis, was filed in the California Superior Court in Los Angeles on Tuesday. It says Air Lease Corp 's Hazy initiated the “theft of a business.”
Hazy, widely credited with founding the aircraft leasing industry, co-founded AIG's International Lease Finance Corp (ILFC) unit in 1973 and resigned to run Air Lease Corp (ALC) in February 2010, which he also started before leaving ILFC.
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