Hertz to pay $168 million over theft, arrest problems
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Hertz is slated to pay a total of $168 million as part of settlement agreements in connection to allegations of the rental car company falsely reporting customers for vehicle theft, according to a Monday press release.
The settlements, which the company said would be paid out by the end of the year, will resolve more than 360 legal claims of customers alleging they faced arrests over stolen vehicle reports purportedly erroneously filed by the company to authorities. They mark more than 95% of pending claims related to the false arrest issue reaching resolutions, according to Hertz's release.
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Hertz said the settlements, which the company expects to "recover a meaningful portion" from its insurance carriers, likely won’t have a "material impact on its capital allocation plans for the balance of 2022 and 2023."