Hertz will pay nearly $170 million to settle hundreds of false theft claims involving its customers, the rental giant announced Monday.

In a news release, Hertz said it had settled 364 claims, "bringing resolution to more than 95%" of the total disputes.

Aggrieved customers accused the company of wrongful theft arrests for cars they legally rented.

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Some customers claim they got pulled over, arrested and prosecuted for stealing cars because Hertz couldn't locate its own vehicles after they got returned.

Others have complained of various other mix-ups with their rental returns, extensions or payments.

Hertz will pay about $168 million by year-end to resolve the majority of pending claims. Hertz stated that it "expects to recover a meaningful portion of the settlement amount from its insurance carriers."

Not long after joining Hertz as CEO in early February, Steven Scherr vowed to remedy the situation, making it a top priority. He promised to "do right" by customers who had not been treated fairly.

"As I have said since joining Hertz earlier this year, my intention is to lead a company that puts the customer first. In resolving these claims, we are holding ourselves to that objective," Scherr said.

He continued: "While we will not always be perfect, the professionals at Hertz...

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