Labaton Sucharow LLP Announces a Notice of Pendency and Proposed Settlement of Class Action in Palm Tran, Inc. Amalgamated Transit Union Local 1577 Pension Plan v. Credit Acceptance Corporation

UNITED STATES DISTRICT COURT
EASTERN DISTRICT OF MICHIGAN
SOUTHERN DIVISION

SUMMARY NOTICE OF PENDENCY AND PROPOSED
SETTLEMENT OF CLASS ACTION AND MOTION FOR
ATTORNEYS' FEES AND EXPENSES

SEATTLE, Oct. 17, 2022 /PRNewswire/ -- To: All persons and entities that purchased or otherwise acquired the publicly traded common stock of Credit Acceptance Corporation during the period from May 4, 2018 through August 28, 2020, inclusive, and were damaged thereby (the "Settlement Class").

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Eastern District of Michigan, that Lead Plaintiffs Ontario Provincial Council of Carpenters' Pension Trust Fund and Millwright Regional Council of Ontario Pension Trust Fund ("Lead Plaintiffs"), on behalf of themselves and all members of the Settlement Class, and Defendants Credit Acceptance Corporation ("Credit Acceptance"), Brett A. Roberts and Kenneth S. Booth (collectively, the "Individual Defendants" and, with Credit Acceptance, "Defendants" and, together with Lead Plaintiffs, the "Parties") have reached a proposed settlement of the claims in the above-captioned class action (the "Action") and related claims in the amount of $12,000,000 (the "Settlement"). 

A hearing will be held before the Honorable Linda V. Parker on December 7, 2022, at 1:00 p.m. via Zoom video conference from Courtroom 206 of the United States District Court for the Eastern District of Michigan, Theodore Levin U.S. Courthouse, 231 W. Lafayette Blvd., Detroit, MI, 48226 (the "Settlement Hearing") to determine whether the Court should: (i) approve the proposed Settlement as fair, reasonable, and adequate; (ii) dismiss the Action with prejudice as provided in the Stipulation and Agreement of Settlement, dated August 24, 2022; (iii) approve the proposed Plan of Allocation for distribution of the proceeds of the Settlement (the "Net Settlement Fund") to Settlement Class Members; and (iv) approve Lead Counsel's Fee and Expense Application.  The Court may change the date of the Settlement Hearing without providing another notice.  You do NOT need to attend the Settlement Hearing to receive a distribution from the Net Settlement Fund.  Instructions to join the video conference will be posted on the Settlement website and Lead Counsel's website.

IF YOU ARE A MEMBER OF THE SETTLEMENT CLASS, YOUR RIGHTS WILL BE AFFECTED BY THE PROPOSED SETTLEMENT AND YOU MAY BE ENTITLED TO A MONETARY PAYMENT.  If you have not yet received a full Notice and Claim Form, you may obtain copies of these documents by visiting the website for the Settlement, www.CreditAcceptanceSecuritiesSettlement.com, or by contacting the Claims Administrator at:

Credit Acceptance Securities Litigation
c/o JND Legal Administration
P.O. Box 91300
Seattle, WA 98111
www.CreditAcceptanceSecuritiesSettlement.com
(877) 654-1993

Inquiries, other than requests for information about the status of a claim, may also be made to Lead Counsel:

LABATON SUCHAROW LLP
Michael P. Canty, Esq.
140 Broadway
New York, NY 10005
[email protected]
(888) 219-6877

If you are a Settlement Class Member, to be eligible to share in the distribution of the Net Settlement Fund, you must submit a Claim Form postmarked or submitted online no later than December 2, 2022.  If you are a Settlement Class Member and do not timely submit a valid Claim Form, you will not be eligible to share in the distribution of the Net Settlement Fund, but you will nevertheless be bound by all judgments or orders entered by the Court, whether favorable or unfavorable.

If you are a Settlement Class Member and wish to exclude yourself from the Settlement Class, you must submit a written request for exclusion in accordance with the instructions set forth in the Notice so that it is received no later than November 16, 2022.  If you properly exclude yourself from the Settlement Class, you will not be bound by any judgments or orders entered by the Court, whether favorable or unfavorable, and you will not be eligible to share in the distribution of the Net Settlement Fund. 

Any objections to the proposed Settlement, Lead Counsel's Fee and Expense Application, and/or the proposed Plan of Allocation must be filed with the Court, either by mail or in person, and be mailed to counsel for the Parties in accordance with the instructions in the Notice, such that they are received no later than November 16, 2022.

For any questions, visit www.CreditAcceptanceSecuritiesSettlement.com or call toll-free at (877) 654-1993. 

PLEASE DO NOT CONTACT THE COURT, DEFENDANTS, OR DEFENDANTS' COUNSEL REGARDING THIS NOTICE.

SOURCE JND Legal Administration