(Reuters) - United Rentals Inc <URI.N> said it entered into a memorandum of understanding to pay $27.5 million in cash to settle class action lawsuits that were filed following a SEC inquiry in 2004 concerning the company's historical accounting practices.

The contemplated settlement is without any admission of liability or fault by the company or any of the other defendants, the equipment rental company said in a statement.

The contemplated settlement does not affect the inquiry by the U.S. Securities and Exchange Commission, which is still ongoing, the company added.

(Reporting by Jennifer Robin Raj in Bangalore; Editing by Jarshad Kakkrakandy)

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