10 Things to Know About the Hertz Rental Car Lawsuit

7 Des 202217.40 UTC

Hertz (NASDAQ:HTZ) stock is on the move Wednesday as the rental car company reaches a lawsuit settlement agreement with customers.

Let’s get into everything investors need to know about the Hertz rental car lawsuit below!

Hertz was facing a lawsuit from customers that were accused of stealing rental cars.
That’s despite many of these customers not doing so and still facing arrests and imprisonment.
The rental car lawsuit alleged this had to do with failures in Hertz’s own rental and inventory system.
Hertz has reached a $168 million settlement that covers 364 claims against it.
That’s despite the company previously seeking to combat the claims in court.
According to the company, a meaningful portion of the payout will be covered by its insurance.
This has the company noting the settlements won’t affect its capital allocation.
Hertz points out this latest rental car settlement ends roughly 95% of claims against it.
Public filings show the company files thousands of police reports each year.
The company stresses the settled claims only represent 1/100 of 1% of Hertz customer transactions.

HTZ Promises To Focus On Customers

Stephen Scherr, CEO of Hertz, said as much to The New York Times:

“My intention is to lead a company that puts the customer first. In resolving these claims, we are holding ourselves to that objective.”

HTZ stock is up 1.2% as of Wednesday afternoon.

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.