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Why Wells Fargo is suing American Airlines

NEW YORK — American Airlines Group Inc. was late in returning three aircraft by two, 45 and 49 days, Wells Fargo & Co. alleges in a lawsuit filed Monday in New York.

Wells Fargo said the Fort Worth, Texas-based airline leased three Boeing aircraft, which have a market value of more than $15 million each, for a monthly rate of $250,000. The bank, acting as owner trustee, said because American was late in returning the aircraft, it had to pay extra to technical experts who had been dispatched to the return location.

“We are reviewing the complaint,” an American spokesperson said about the lawsuit, first reported Tuesday by the Dallas Morning News.

Wells Fargo alleges that three leases required American return the aircraft at the expiration of each of their leases. But American didn’t return two of the aircraft until 45 and 49 days after the lease expired. The other aircraft was also late by two days, Wells Fargo alleges.

“In each case, American’s failure to return the respective aircraft in a timely manner was solely the fault of American,” the lawsuit reads.

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