Cases & Deals

  • Home
  • Practices
  • Hertz directors defend against shareholder class action and derivative litigation arising from share buyback programs

Share

Hertz directors defend against shareholder class action and derivative litigation arising from share buyback programs

July 2024

Client(s) Hertz Global Holdings, Inc.

Jones Day represents certain directors of Hertz Global Holdings, Inc. in a putative class action and shareholder derivative lawsuit arising from stock buyback programs that resulted in Hertz's largest stockholders becoming majority stockholders. The plaintiff alleges that the board of directors breached their fiduciary duties by approving the buyback programs without obtaining extra payments from the now-majority stockholder for obtaining a control stake. After Jones Day moved to dismiss the complaint, the Court of Chancery dismissed Hertz's independent directors from the case.

Cascia v. Farmer, et al., No. 2023-0520-KSJM (Del. Ch.)

Contacts

Before sending, please note:

Information on www.jonesday.com is for general use and is not legal advice. The mailing of this email is not intended to create, and receipt of it does not constitute, an attorney-client relationship. Anything that you send to anyone at our Firm will not be confidential or privileged unless we have agreed to represent you. If you send this email, you confirm that you have read and understand this notice.