Hertz says it will pay approximately $168 million to settle lawsuits by some of its customers who were wrongly accused of stealing cars they had rented.
Hertz Global Holdings Inc. said Monday that the settlement of 364 pending claims related to vehicle theft reporting would bring resolution to more than 95% of the pending theft reporting claims.
“As I have said since joining Hertz earlier this year, my intention is to lead a company that puts the customer first. In resolving these claims, we are holding ourselves to that objective,” Scherr said in a statement.
Hertz anticipates recovering a “meaningful portion" of the settlement amount from its insurance carriers. The Estero, Florida-based company doesn't expect the resolution of the claims to have a material impact on its capital allocation plans for the balance of the year or for 2023. as it struggled under heavy debt and a drop in travel caused by the pandemic. It operates Hertz, Dollar and Thrifty car-rental brands.
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