Hertz Global Holdings Inc. said it would pay about $168 million to settle 364 pending claims related to vehicle-theft reporting, some instances of which have allegedly led customers to face wrongful arrest for car theft.
The hundreds of settlements resolve more than 95% of outstanding claims, Hertz said. The company said it doesn’t expect the settlement to have a material impact on its capital allocation plans for the balance of 2022 and 2023. The company also expects to recover a meaningful portion of the settlement amount from its insurance carriers.
Hertz Global Holdings Inc. said it would pay about $168 million to settle 364 pending claims related to vehicle-theft reporting, some instances of which have allegedly led customers to face wrongful arrest for car theft.
The hundreds of settlements resolve more than 95% of outstanding claims, Hertz said. The company said it doesn’t expect the settlement to have a material impact on its capital allocation plans for the balance of 2022 and 2023. The company also expects to recover a meaningful portion of the settlement amount from its insurance carriers.