Vision Leasing 241 Wins Case After Verijet Defaults on Aircraft Lease

After a December court ruling was finalized, Verijet was forced to hand over $3.4 million to Vision Leasing 241. This is just the cherry on top to numerous other lawsuits filed against Verijet by customers.

Verijet launched in 2022 and grew rapidly, becoming the 30th-largest charter service in the US by 2022. Just a year later, the light jet operator moved up to the 13th position. However, the year since has been rocky, to say the least, with the company now only operating a few Cirrus SF50s.

It also had a brief scare when its Founder and CEO, Richard Kane, stepped down and then back into the role shortly after. Customers have been concerned as Verijet continues to break promises, like its failed attempt to go public through a SPAC merger.

The latest ruling was the result of a lengthy legal battle between Verijet and Vision Leasing 241, sparked by a breach of their aircraft lease contract. Vision Leasing 241 was represented by former Verijet board member Mark Kahan.

The court found that the jet operator owed damages for unpaid rent, future rent, and tax losses, totaling $5.9 million. After accounting for mitigation efforts, the net damages were $2.89 million, with an additional $395,000 in interest, bringing the total to $3.29 million.

The final judgment awarded Vision Leasing $3.45 million, including interest up to the trial date. The court also ruled against Verijet’s defenses and counterclaims, granting no relief to the defendant. The judgment will earn 9.5% annual interest until paid.

“As CEO of Verijet, I want to address the recent judgment entered against our company in the amount of $3.4 million,” stated Kane. “While we respect the court’s decision, we are currently reviewing all available legal options in response to this outcome.”

One of the potential escapes from this payment involves Vision Leasing 241’s representation, Mark Kahan, who is currently a defendant in another ongoing case with Verijet.

“Allegations in that case involve conduct that we allege result in damages exceeding the amount of the recent judgment,” Kane continued. “However, due to the active nature of this litigation, we cannot comment further about either matter at this time.”

FMI: www.verijet.com