Avis Budget Group has filed a motion in the United States District Court for the Southern District of New York seeking approval of a settlement agreement with Pentwater Capital Management LP. Under the terms of the deal, Pentwater will pay $650 million in cash to Avis, which the company describes as a fair resolution. The settlement is intended to resolve litigation filed against Pentwater and certain affiliated persons over the recovery of short swing profits. In pre-market trading, Avis Budget Group shares were up 1.90 percent at $162.55 on the Nasdaq.
Avis Budget Group IncAvis receives $650 million cash settlement from Pentwater Capital, a financial gain from litigation.