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AIG sues former ILFC head for theft of company secrets

Insurer says billionaire Steven Udvar-Házy stole customers and info after starting rival business

The past few years have been hard on bailed-out insurance giant American International Group Inc. (AIG). Adding to its already full plate of hassles is a lawsuit it filed yesterday against Los Angeles billionaire Steven Udvar-Házy, the former head of its International Lease Finance Corp. (ILFC) aircraft leasing business, which it purchased from Udvar-Házy in 1990.

AIG claims that Udvar-Hazy stole company secrets, customers and business deals after he started his current, rival company, Air Lease Corp. (ALC) in 2010. The insurer also named the rival leasing firm and 30 employees who left ILFC along with Udvar-Házy to work at the new business as defendants in the lawsuit.

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