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

BREAKING

BREAKING Honda to get up to $5B in govt help for EV battery, assembly plants

Honda is set to build an electric vehicle battery plant next to its Alliston, Ont., assembly plant, which it is retooling to produce fully electric vehicles, all part of a $15-billion project that is expected to include up to $5 billion in public money.

Secret $70M Lotto Max winners break their silence

During a special winner celebration near their hometown, Doug and Enid shared the story of how they discovered they were holding a Lotto Max ticket worth $70 million and how they kept this huge secret for so long.

Local Spotlight

Stay Connected