Credit Acceptance Corporation Announces Court Ruling
Southfield, Michigan – March 27, 2000 - Credit Acceptance Corporation (Nasdaq: CACC) announced today that the United States District Court for the Eastern District of Michigan (Hon. Nancy G. Edmunds) has granted the motion of the Company and certain of its present and former officers and directors to dismiss with prejudice the Second Amended Consolidated Class Action Complaint in the action entitled In re Credit Acceptance Corporation Securities Litigation and has entered a final judgment in favor of the defendants. A prior complaint in this action was dismissed with prejudice by Judge Edmunds in April, 1999. Plaintiffs were subsequently granted leave to replead, however, as a result of a clarification of the governing legal standard.
Credit Acceptance Corporation is a specialized financial services company which provides funding, receivables management, collection, sales training and related products and services to automobile dealers selling vehicles to consumers with limited access to traditional sources of consumer credit.
