Hertz Agrees To Pay About $168 Mln To Settle With Customers Falsely Accused Of Stealing Cars

(RTTNews) - Hertz Global Holdings Inc. (HTZ) agreed to pay about $168 million by year-end to resolve the majority of the lawsuits brought against the rental car company by some of its customers who were wrongly accused of stealing cars they had rented.

The company said it settles 364 claims, bringing resolution to more than 95% of its pending theft reporting claims.

The company believes it will recover a meaningful portion of the settlement amount from its insurance carriers.

Hertz does not expect the settlement of the claims to have a material impact on its capital allocation plans for the balance of 2022 and 2023.