PALM TRAN INC AMALGAMATED TRANSIT UNION LOCAL 1577 PENSION PLAN v CREDIT ACCEPTANCE CORPORATION
Credit Acceptance Securities Litigation
Civil Case No. 20-12698

Welcome to the Credit Acceptance Securities Settlement Website

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 allege 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 allege 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 proposed 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. If approved by the Court, the Settlement will resolve 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 is 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.

 

 

YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT:
SUBMIT A CLAIM FORM ON OR BEFORE DECEMBER 2, 2022 The only way to get a payment. The Claim Form must be postmarked or received no later than December 2, 2022
EXCLUDE YOURSELF FROM THE SETTLEMENT CLASS ON OR BEFORE NOVEMBER 16, 2022 Get no payment. This is the only option that, assuming your claim is timely brought, might allow you to ever bring or be part of any other lawsuit against Defendants and/or the other Released Defendant Parties concerning the Released Claims. See Question 10 in the Notice for details.
OBJECT ON OR BEFORE NOVEMBER 16, 2022 Write to the Court about why you do not like the Settlement, the Plan of Allocation for distributing the proceeds of the Settlement, and/or Lead Counsel’s Fee and Expense Application.  If you object, you will still be in the Settlement Class. See Question 14 in the Notice for details. 
PARTICIPATE IN A HEARING ON DECEMBER 7, 2022 AND FILE A NOTICE OF INTENTION TO APPEAR BY NOVEMBER 16, 2022 Ask to speak to the Court at the Settlement Hearing about the Settlement. See Question 18 in the Notice for details. 
DO NOTHING Get no payment. Give up rights. Still be bound by the terms of the Settlement.

 

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 info@creditacceptancesecuritiessettleement.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 the Court or the Clerk of the Court.

 

For More Information

Visit this website often to get the most up-to-date information.

Mail

Credit Acceptance Securities Litigation
c/o JND Legal Administration
P.O. Box 91300
Seattle, WA 98111