Deutsche Bank has resigned from leading the $1.5bn (€1.2bn) flotation of car rental company Hertz, one of its biggest offerings for a US client, after a member of staff sent unauthorised emails about the transaction in a potential violation of securities laws.

Hertz said in a filing with the US Securities and Exchange Commission that several emails were sent by an employee of the bank last month to about 175 institutional accounts which could be a violation of the Securities Act.