ATTENTION ALL SETTLEMENT CLASS MEMBERS - IMPORTANT UPDATE REGARDING THE SETTLEMENT HEARING
ANNOUNCEMENT: The Settlement Hearing took place on December 7, 2022. The Settlement, Plan of Allocation and Award of Attorney Fees have been approved. Please refer to the Opinion and Order Granting (1) Plaintiff’s Motion For Final Approval Of The Settlement And Plan Of Allocation (ECF No. 51) And (2) Lead Counsels’ Motion For An Award Of Attorneys’ Fees And Expenses (ECF NO. 52) for additional information.
The information contained on this website is only a summary of the information presented in more detail in the Notice of Pendency and Proposed Settlement of Class Action and Motion for Attorneys; Fees and Expenses. Because this website is just a summary, you should review the Notice and Frequently Asked Questions for additional details.
Summary of the Action and Settlement
In this securities class action, the Court-appointed Lead Plaintiffs alleged that the Defendants made false and misleading statements in violation of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder; and (ii) against all Individual Defendants for violations of Section 20(a) of the Exchange Act. Specifically, Lead Plaintiffs alleged that Defendants made false and misleading statements or omissions that influenced the trading prices of Credit Acceptance publicly traded common stock during the Class Period. Defendants deny they have committed any act or omission giving rise to any liability or violation of law, and deny that Lead Plaintiffs and the Settlement Class have suffered any loss attributable to Defendants’ actions or omissions.
Lead Plaintiffs, on behalf of themselves and the Settlement Class, have entered into a Settlement with Defendants. In exchange for the Settlement and release of Plaintiffs’ Released Claims, they have agreed to create a $12,000,000 cash fund, which may accrue interest, to be distributed, after deduction of Court-awarded attorneys’ fees and litigation expenses, Notice and Administration expenses, Taxes, and any other fees or expenses approved by the Court, among Settlement Class Members who submit valid Claim Forms and are found to be eligible to receive a distribution from the Net Settlement Fund. The Settlement resolves all claims in the Action.
If you are a Settlement Class Member, your rights will be affected and you may be eligible for a payment from the Settlement.
The Settlement Class consists of:
All persons and entities who or which purchased or otherwise acquired the publicly traded common stock of Credit Acceptance during the period from May 4, 2018 through August 28, 2020, inclusive, and who were damaged thereby.
Excluded from the Class are: (i) Defendants; (ii) members of the Immediate Family of each of the Individual Defendants; (iii) any person who was an employee, officer or director of Credit Acceptance during the Class Period; (iv) any firm, trust, corporation, or other entity in which any Defendant has a controlling interest; (v) any subsidiary or affiliate of Credit Acceptance; and (vi) the legal representatives, heirs, successors-in-interest, or assigns of any such excluded person or entity, in their respective capacity as such.
The Notice was directed to members of the Settlement Class. If you are a member of the Settlement Class, your rights will be affected by the Settlement. If you do not meet the Settlement Class definition, the Notice does not apply to you. If you are uncertain whether you are a member of the Settlement Class, please contact Lead Counsel, or your own attorney.
The deadline for claims was December 2, 2022.
How do I obtain more information?
Detailed information about the Settlement is contained in the Notice. Additional information can also be obtained by contacting the Administrator by calling toll-free 1-877-654-1993; or emailing email@example.com; or mailing a letter to:
Credit Acceptance Securities Settlement
c/o JND Legal Administration
P.O. Box 91300
Seattle, WA 98111
Inquiries should NOT be directed to Defendants, the Court or the Clerk of the Court.