Greenwich, CT: (Mar-10-08) Three class action lawsuits were brought against United Rentals, Inc., over a U.S. Securities and Exchange Commission (SEC) inquiry in 2004 concerning the company's historical accounting practices. United Rentals, Inc. is the largest equipment rental company in the world, with an integrated network of over 690 rental locations in 48 states, 10 Canadian provinces and Mexico.
Sources close to the case stated that United Rentals signed a memorandum of understanding to settle three lawsuits for a cash payment of $27.5 million. The memorandum provides that United Rentals and the individual defendants will each receive a release from the members of the purported plaintiff class, which consists of persons who purchased United Rentals securities from Feb. 28, 2001 to Aug. 30, 2004.
Sources also stated that the contemplated settlement does not affect the inquiry by the SEC, which is still ongoing and is without any admission of liability or fault by the company or any of the other defendants. [
