Business Irish

Sunday 23 October 2016

Fly Leasing case to progress next month

Published 02/05/2016 | 02:30

Fly Leasing chief executive Colm Barrington
Fly Leasing chief executive Colm Barrington

Lawyers in a class action suit being taken against Dublin-based Fly Leasing, the aircraft leasing firm headed by former Aer Lingus chairman Colm Barrington, will meet early next month to determine the likely scope of a possible trial.

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The aircraft leasing company has been targeted by investors regarding allegations about its accounting practices.

Fly Leasing shares are quoted on the New York Stock Exchange.

Fly Leasing notified shareholders in early March that it has been working with the US Securities and Exchange Commission (SEC) regarding its annual report for 2014.

It relates to Fly Leasing's accounting policy for so-called intangible assets and liabilities for aircraft acquired by the company which have in-place leases.

There's no suggestion that there has been any deliberate attempt to mislead shareholders, and the issue stems solely from the technical accounting methodology. Fly Leasing has yet to file its 20-F annual report in respect of 2015.

A law firm in the US took Fly Leasing's discussions with the SEC as an opportunity to launch the class action suit.

A pre-trial conference has now been set for June 10 in New York, at which both sides will discuss settlement, explore contemplated motions, narrow issues and set a date for trial.

Irish Independent

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