- 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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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