Hertz Settles Past Legal Claims Related To Vehicle Theft Reporting For $168M

Hertz Global Holdings Inc HTZ has settled 364 pending claims relating to vehicle theft reporting, bringing resolution to more than 95% of its pending theft reporting claims.
The company will pay an aggregate amount of approximately $168 million by year-end to resolve the disputes.
Hertz believes it will recover a portion of the settlement amount from its insurance carriers.
"Moving forward, it is our intention to reshape the future of our company through electrification, shared mobility and a great digital-first customer experience," said CEO Stephen Scherr.
Hertz does not expect the resolution of these claims to have a material impact on its capital allocation plans for the balance of 2022 and 2023.
Also Read: Hertz To Leverage Palantir Foundry Operating System To Efficiently Manage Its Vehicles
Price Action: HTZ shares are trading lower by 2.31% at $16.48 on the last check Monday.