Skip to main content

Hertz to pay $168M to settle over 95 per cent of wrongful theft, report claims

Share

Hertz Global Holdings Inc said on Monday it will pay about $168 million by year-end to resolve over 95 per cent of pending claims from owners who alleged the car rental giant filed wrongful theft reports.

Some customers had sued Hertz alleging the police detained or arrested individuals in error after the company reported rental cars were stolen.

Hertz, which operates Hertz, Dollar and Thrifty vehicle rental brands, said it will recover a "meaningful" portion of the settlement amount from its insurers. The settlement resolves 364 pending claims from car owners.

Hertz said it does not expect the resolution of these claims to have a material impact on its capital return plans for this and next year.

The company in October reported a 12% jump in third-quarter revenue, amid strong demand for rental cars. Profit, however, rose just 1% on elevated maintenance costs. 

CTVNews.ca Top Stories

Opinion

Opinion I just don't get Taylor Swift

It's one thing to say you like Taylor Swift and her music, but don't blame CNN's AJ Willingham's when she says she just 'doesn't get' the global phenomenon.

Local Spotlight

DonAir force takes over at Oilers playoff games

As if a 4-0 Edmonton Oilers lead in Game 1 of their playoff series with the Los Angeles Kings wasn't good enough, what was announced at Rogers Place during the next TV timeout nearly blew the roof off the downtown arena.

Stay Connected