AerCap’s Over $1.2 Billion in Insurance Recoveries
January 11, 2024
AerCap Holdings N.V, the world’s largest commercial aircraft leasing company, which Cravath is representing in connection with U.S. sanctions and export controls matters, has secured over $1.2 billion in related insurance recoveries involving Russian airlines’ refusal to return over 100 aircraft leased from AerCap following Russia’s invasion of Ukraine in February 2022. In September 2023, in the first announced insurance settlement of its kind, Cravath represented AerCap in obtaining authorizations from the U.S. Office of Foreign Assets Control (“OFAC”) and the U.S. Department of Commerce’s U.S. Bureau of Industry and Security (“BIS”) for an agreement to enable payment of approximately $645 million to AerCap to resolve claims against certain Russian insurers and airlines as to a substantial number of AerCap aircraft. Cravath also represented AerCap before BIS and OFAC in connection with AerCap’s subsequent, $572 million insurance settlements with Russian insurers and airlines announced in December 2023.
The Cravath team includes partner John D. Buretta and of counsel Megan Y. Lew.
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J.D., 1996, Georgetown University Law Centercum laude
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B.A., 1993, University of California, Berkeley
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J.D., 2010, New York University School of Lawcum laude
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B.S., 2004, Cornell Universitymagna cum laude
- New York
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