Russian appellate court awards $13M judgment against AAR Corp in VIM-AVIA clawback suit

AAR CORP

On Sept 19, 2023, Russian Appellate Court reversed trial court's dismissal and awarded $13M total judgment against AAR for four engine purchases.
Trial court had previously awarded $1.8M on one engine and dismissed claims on three; AAR recognized $1.8M charge in Q3 FY2023.
AAR recorded an additional $11.2M charge in Q1 FY2024 for the three engines; total liability of $13M classified as long-term on balance sheet as of Aug 31, 2023.
Company strongly disputes judgment, citing hostile Russian legal environment and US sanctions; may seek further appellate review in Russia.

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