The German Federal Court of Justice on Feb. 13 rejected an appeal by Sixt GmbH & Co Autovermietung KG. The court upheld a January ruling that Budget's 1997 termination of its licensing agreement with Sixt was valid.
"This is a major victory for Budget," said Robert Aprati, executive vice president and general counsel for Budget Group. "We can now move forward with the German legal process of determining the amount of damages owed to us by Sixt, which we estimate could be as much as $50 million or more."
