Hertz Agrees To Pay $168 Million To Settle Allegations
Part of Hertz Global Holdings Inc. said Monday that it would pay $168 million to settle hundreds of claims
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For reporting the car stolen, which in some cases leads to the false arrest of customers
The car rental company said the settlement "resolved" more than 95% of its ongoing theft reports.
Hertz expects to recover a "significant portion" of the insurance settlement, it said
Hertz shares fell nearly 3% on Monday, underperforming the broader stock market
As I've said since joining Hertz earlier this year, my goal is to run a company that puts the customer first.
We are committed to that goal in resolving these claims,” CEO Stephen Scherr said in a statement.
Scherr, a former Goldman Sachs executive, became Hertz's CEO in February
The firm emerged from bankruptcy and then returned to the capital markets last year
Hertz shares have lost nearly 35% so far this year, compared with a nearly 16% loss for the S&P 500.