Hertz Global Holdings Inc. is demanding that ex-Chief Executive Officer Mark Frissora and other former senior managers return at least $70 million of incentive compensation for their roles in an accounting scandal five years ago.
The car-rental chain accused the former executives of pressuring employees to use fraudulent accounting techniques to inflate income and earnings, according to a March 25 lawsuit. The alleged misconduct spurred a federal investigation and prompted Hertz to restate several years of financial results, costing the firm more than $200 million.
The restatement “was triggered by the gross negligence and misconduct of Hertz’s senior executive ...
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