Law firms are attempting to recruit plaintiffs for two class-action lawsuits against Irish aircraft lessor AerCap for losses suffered as a result of the Ukraine war.
Commercial planes belonging to Dublin-headquartered AerCap and many other aircraft lessors were stranded in Russia following the outbreak of the war in February 2022.
The New York-listed company’s share price fell in the weeks after hostilities broke out and it emerged that it was unable to retrieve 113 aircraft held by Russian airlines.
According to reports this week, two US law firms, Rosen Law and Pomerantz LLP, are seeking to recruit AerCap investors to class-action lawsuits they say they intend filing in the US against the lessor, stemming from the fall in its share price.
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Both are asking likely plaintiffs to contact them if they are interested in joining the lawsuits.
However, neither would confirm if they had filed any claim against AerCap with any court nor would they comment on the response they had received from potential plaintiffs.
Class-action lawsuits involve an individual taking action on behalf of a specific group of plaintiffs all of whom have the same complaint against the same defendant. Irish courts do not use this system.
The outbreak of the war in Ukraine hit all aviation and air travel related stocks. AerCap was one of several lessors that disclosed the loss of aircraft and other assets as a result of the conflict.
AerCap, one of the world’s biggest owners of commercial aircraft, said the loss of its jets and 11 engines cost it $2.4 billion. It reported a net $726 million (€673 million) loss for 2022 as a consequence.
The company is suing insurers in connection with the losses in the English high court and took part in several preliminary hearings with other lessors taking similar cases in recent weeks.
AerCap did not comment on either US law firm’s class action bid.
