Avis Budget Group (NASDAQ: CAR) announced it entered into a Settlement and Release Agreement with Pentwater Capital Management LP and certain affiliated persons on June 19, 2026, to resolve a pending lawsuit over short-swing profits under Section 16(b) of the Securities Exchange Act of 1934.

Under the terms of the agreement, Pentwater will pay Avis Budget Group $650,000,000 in cash. The settlement remains subject to court approval, which includes an order confirming that Avis Budget Group diligently pursued its claims and that the settlement amount is fair, reasonable, and adequate, along with other customary conditions.