Hertz to Pay SEC $16M for Accounting, Disclosure Errors

Car rental firm Hertz agreed to pay the U.S. Securities and Exchange Commission $16 million to end a probe into accounting errors in the company’s filings with the agency, according to a Dec. 31 settlement.

Hertz Global Holdings Inc. and Hertz Corp. materially misstated their pretax income from 2012 to 2014 and didn’t make other required disclosures, according to the SEC settlement.

The rental firm didn’t admit wrongdoing but agreed to pay a civil fine and cease and desist from violating securities laws. The company’s remedial efforts included replacing “numerous members of senior management and lower-level staff” and cooperating ...