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CREDIT ACCEPTANCE CLASS ACTION LITIGATION Click to find out why . . .



Keywords & Phrases
CaseNo: CACAL207216, CourtName: CLASS ACTION CASES, State: MI Michigan, UniqueCaseRef: LCD>CACAL207216, Credit Acceptance, Securities, Public Statements, Class Action, Accounting, Act, Foss, Dealers, United States, Entry, Class Period, Loans, Credit Acceptance Corporation, Reserves, Common Stock, Misleading, Credit Losses, Allegations, Installment Contracts, Docket, Edwin Miller, Dissemination, Management, Marc Newman, Declaration, Support, Memorandum, Motion, District, Executive Officer, Loan Servicing System, Material Facts, Adverse Information, Finance Charges, Judge, Communications , ContentID: 120249609

Case Documents
1 1998-04-16 CIVIL DOCKET FOR CASE 98-CV-70783
[ see first page and extracted highlights below  ] ItemID: 122310
2 pages
TXT
2 1998-04-15 CIVIL DOCKET FOR CASE 98-CV-71285
[ see first page and extracted highlights below  ] ItemID: 122312
2 pages
TXT
3 1998-04-07 CIVIL DOCKET FOR CASE 98-CV-71334
[ see first page and extracted highlights below  ] ItemID: 122313
2 pages
TXT
4 1998-03-31 CIVIL DOCKET FOR CASE 98-CV-70985
[ see first page and extracted highlights below  ] ItemID: 122311
2 pages
TXT
5 1998-03-31 CIVIL DOCKET FOR CASE 98-CV-70417
[ see first page and extracted highlights below  ] ItemID: 122309
2 pages
TXT
6 1998-01-29 COMPLAINT
[ see first page and extracted highlights below  ] ItemID: 122314
35 pages
TXT
Total Documents: 6 documents , 45 pages
Price: $ 44.95


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1 . CIVIL DOCKET FOR CASE 98-CV-70783

EXTRACTED KEY WORDS
PLAINTIFFS
DEFENDANT
DOCKET
JUDGE
COUNSEL
MARC NEWMAN
DECLARATION
SUPPORT
MEMORANDUM
MOTION
MANTESE
INDIVIDUALLY GERARD
COURT
DISTRICT
CREDIT
HOFFMAN
EDMUNDS
JUDGE NANCY
JUDGE GERALD
ORDER REASSIGNING
MAILING
COUNSEL EXECUTIVE COMMITTEE
SELECTION
MOVANTS
APPOINTMENT
EDIT
PURPOSES
CONSOLIDATE
FEE
Docket as of April 16, 1998 (retrieved 4/22/98)

Proceedings include all events.
2:98cv70783   Hoffman, et al v. Credit Acpt Corp, et al
                                                                         TAC
                                                            TAC
                       U.S. District Court
         for the Eastern District of Michigan (Detroit)

              CIVIL DOCKET FOR CASE #: 98-CV-70783

Hoffman, et al v. Credit Acpt Corp, et al                   Filed: 02/23/98
Assigned to: Judge Nancy G. Edmunds          Jury demand: Plaintiff
Demand: $0,000                               Nature of Suit:  850
Lead Docket: None                            Jurisdiction: Federal Question
Dkt# in other court: None


GEORGE HOFFMAN, individually      Gerard V. Mantese
and on behalf of all others       (COR LD NTC ret)
similarily situated               Mantese, Miller,
     plaintiff                    2855 Coolidge Highway
                                  Suite 107
                                  Troy, MI 48084
                                  810-649-1300
                                  FTS 649-1337

                                  Ira M. Press, NOT ADMITTED
                                  (COR LD NTC ret)
                                  Kaufman, Malchman,
                                  919 Third Avenue
                                  11th Floor
                                  New York, NY 10022
                                  212-371-6600

                                  Lionel Z. Glancy
                                  (COR LD NTC ret)
                                  Peter A. Binkow
                                  (COR LD NTC ret)
                                  1801 Avenue of the Stars
                                  Suite 308
                                  Los Angeles, CA 90067
                                  310-201-9150


REED WESTPHAL, individually       Gerard V. Mantese
and on behalf of all others       (See above)
similarly situated                (COR LD NTC ret)
SNIPPETS:
  • Docket as of April 16,
  • U.S. District Court for the Eastern District of Michigan
  • GEORGE HOFFMAN, individually Gerard V. Mantese and on behalf of all others
  • CREDIT ACCEPTANCE CORPORATION
  • 2/23/98 1 COMPLAINT with jury demand - Receipt # 357616 - Date Fee
  • 02/23/98 (Entry date 02/26/98)
  • 3/30/98 -- MOTION by plaintiff to consolidate cases for all purposes
  • with memorandum in support and declaration of Marc Newman
  • (Edit date 03/31/98)
  • 3/30/98 -- MOTION by plaintiffs for appointment as lead plaintiffs
  • for approval of movants' selection of lead counsel
  • 3/30/98 -- PROOF of mailing
  • 4/15/98 2 ORDER reassigning case from Judge Gerald E. Rosen to
  • Judge Nancy G. Edmunds

  • 2 . CIVIL DOCKET FOR CASE 98-CV-71285

    EXTRACTED KEY WORDS
    PLAINTIFFS
    COURT
    DEFENDANT
    DOCKET
    JUDGE
    COUNSEL
    MARC NEWMAN
    DECLARATION
    SUPPORT
    MEMORANDUM
    MOTION
    ATTORNEY
    NON-ADMISSION
    DISTRICT
    CREDIT ACCEPTANCE
    SCHRAGER
    EDMUNDS
    NANCY
    JUDGE GERALD
    ORDER REASSIGNING
    MAILING
    COUNSEL EXECUTIVE COMMITTEE
    SELECTION
    MOVANTS
    APPOINTMENT
    PURPOSES
    CONSOLIDATE
    MCBRIDE
    ATTORNEY JOSEPH
    
    Docket as of April 15, 1998 (retrieved 4/22/98)
    
    Proceedings include all events.
    2:98cv71285   Schrager v. Credit Acceptance, et al
                                                                             TAC
                                                                TAC
                           U.S. District Court
             for the Eastern District of Michigan (Detroit)
    
                  CIVIL DOCKET FOR CASE #: 98-CV-71285
    
    Schrager v. Credit Acceptance, et al                        Filed: 03/23/98
    Assigned to: Judge Nancy G. Edmunds          Jury demand: Plaintiff
    Demand: $0,000                               Nature of Suit:  850
    Lead Docket: None                            Jurisdiction: Federal Question
    Dkt# in other court: None
    
    
    RICH SCHRAGER, on behalf of       Brian Murray
    himself and all others            (COR LD NTC ret)
    similarly situated                Rabin & Garland
         plaintiff                    275 Madison Avenue
                                      New York, NY 10016
                                      212-682-1818
    
                                      Gerard V. Mantese
                                      (COR LD NTC ret)
                                      Mantese, Miller,
                                      2855 Coolidge Highway
                                      Suite 107
                                      Troy, MI 48084
                                      810-649-1300
                                      FTS 649-1337
    
    
       v.
    
    
    CREDIT ACCEPTANCE CORPORATION
         defendant
    
    
    DONALD A. FOSS
         defendant
    
    
    RICHARD E. BECKMAN
         defendant
    
    SNIPPETS:
  • Docket as of April 15,
  • U.S. District Court for the Eastern District of Michigan
  • RICH SCHRAGER,
  • CREDIT ACCEPTANCE CORPORATION
  • Desmond (Entry date 03/30/98)
  • 3/26/98 3 NOTICE by the court of non-admission of attorney Joseph V.
  • McBride
  • 3/30/98 -- MOTION by plaintiff to consolidate cases for all purposes
  • with memorandum in support and declaration of Marc Newman
  • 3/30/98 -- MOTION by plaintiffs for appointment as lead plaintiffs
  • for approval of movants' selection of lead counsel
  • 3/30/98 -- PROOF of mailing
  • 4/15/98 4 ORDER reassigning case from Judge Gerald E. Rosen to Judge
  • Nancy G. Edmunds

  • 3 . CIVIL DOCKET FOR CASE 98-CV-71334

    EXTRACTED KEY WORDS
    ENTRY
    DEFENDANT
    DOCKET
    JUDGE
    COUNSEL
    MARC NEWMAN
    DECLARATION
    SUPPORT
    MEMORANDUM
    MOTION
    COURT
    DISTRICT
    CREDIT
    EDMUNDS
    JUDGE NANCY
    DUGGAN
    JUDGE PATRICK
    ORDER REASSIGNING COMPANION
    MAILING
    COUNSEL EXECUTIVE COMMITTEE
    SELECTION
    MOVANTS
    APPOINTMENT
    CONSOLIDATE
    FEE
    JURY DEMAND
    COMPLAINT
    BECKMAN
    RICHARD
    
    Docket as of April 7, 1998 (retrieved 4/22/98)
    
    Proceedings include all events.
    2:98cv71334   Slomovics v. Credit Acpt Corp, et al
                                                                             TAC
                                                                TAC
                           U.S. District Court
             for the Eastern District of Michigan (Detroit)
    
                  CIVIL DOCKET FOR CASE #: 98-CV-71334
    
    Slomovics v. Credit Acpt Corp, et al                        Filed: 03/25/98
    Assigned to: Judge Nancy G. Edmunds          Jury demand: Plaintiff
    Demand: $0,000                               Nature of Suit:  850
    Lead Docket: None                            Jurisdiction: Federal Question
    Dkt# in other court: None
    
    
    MARVIN SLOMOVICS                  Gerard V. Mantese
         plaintiff                    (COR LD NTC ret)
                                      Mantese, Miller,
                                      2855 Coolidge Highway
                                      Suite 107
                                      Troy, MI 48084
                                      810-649-1300
                                      FTS 649-1337
    
    
       v.
    
    
    CREDIT ACCEPTANCE CORPORATION
         defendant
    
    
    DONALD A. FOSS
         defendant
    
    
    RICHARD E. BECKMAN
         defendant
    
    
    3/25/98  1       COMPLAINT with jury demand - Receipt # 359211 - Date Fee
                     Received: 3/25/98 (nh) (Entry date 03/27/98)
    
    3/30/98  --      MOTION by plaintiffs to consolidate cases for all cases
                     with memorandum in support and declaration of Marc Newman
    
    SNIPPETS:
  • Docket as of April 7,
  • U.S. District Court for the Eastern District of Michigan
  • CREDIT ACCEPTANCE CORPORATION
  • RICHARD E. BECKMAN
  • 3/25/98 1 COMPLAINT with jury demand - Receipt # 359211 - Date Fee
  • 3/25/98 (Entry date 03/27/98)
  • 3/30/98 -- MOTION by plaintiffs to consolidate cases for all cases
  • with memorandum in support and declaration of Marc Newman
  • 3/30/98 -- MOTION by plaintiffs for appointment as lead plaintiffs
  • for approval of movants' selection of lead counsel
  • 3/30/98 -- PROOF of mailing
  • 4/7/98 2 ORDER reassigning companion case from Judge Patrick J.
  • Duggan to Judge Nancy G. Edmunds

  • 4 . CIVIL DOCKET FOR CASE 98-CV-70985

    EXTRACTED KEY WORDS
    PLAINTIFFS
    DEFENDANT
    DOCKET
    COUNSEL
    EDIT
    MARC NEWMAN
    DECLARATION
    SUPPORT
    MEMORANDUM
    MOTION
    JUDGE
    COURT
    DISTRICT
    CREDIT
    MAILING
    COUNSEL EXECUTIVE COMMITTEE
    SELECTION
    MOVANTS
    APPOINTMENT
    PURPOSES
    CONSOLIDATE
    GERALD
    JUDGE AVERN COHN
    ORDER REASSIGNING
    PLANTIFFS CERTIFICATION RECEIPT
    JURY DEMAND
    COMPLAINT
    BECKMAN
    RICHARD
    
    Docket as of March 31, 1998 (retrieved 4/22/98)
    
    Proceedings include all events.
    2:98cv70985   Loesberg v. Credit Acpt Corp, et al
                                                                             VMM
                                                                VMM
                           U.S. District Court
             for the Eastern District of Michigan (Detroit)
    
                  CIVIL DOCKET FOR CASE #: 98-CV-70985
    
    Loesberg v. Credit Acpt Corp, et al                         Filed: 03/03/98
    Assigned to: Judge Gerald E. Rosen           Jury demand: Plaintiff
    Demand: $0,000                               Nature of Suit:  850
    Lead Docket: None                            Jurisdiction: Federal Question
    Dkt# in other court: None
    
    
    ANDREW LOESBERG                   Gerard V. Mantese
         plaintiff                    (COR LD NTC ret)
                                      Mantese, Miller,
                                      2855 Coolidge Highway
                                      Suite 107
                                      Troy, MI 48084
                                      810-649-1300
                                      FTS 649-1337
    
    
       v.
    
    
    CREDIT ACCEPTANCE CORPORATION
         defendant
    
    
    DONALD A. FOSS
         defendant
    
    
    RICHARD E. BECKMAN
         defendant
    
    
    3/3/98   1       COMPLAINT with jury demand and plantiffs certification -
                     Receipt # 23589 - Date Fee Received: 3/3/98 (cm)
                     (Entry date 03/06/98)
    
    3/18/98  2       ORDER reassigning case  from Judge Avern Cohn  to Judge
    
    SNIPPETS:
  • Docket as of March 31,
  • U.S. District Court for the Eastern District of Michigan
  • CREDIT ACCEPTANCE CORPORATION
  • RICHARD E. BECKMAN
  • 3/3/98 1 COMPLAINT with jury demand and plantiffs certification Receipt # 23589 - Date Fee
  • 3/18/98 2 ORDER reassigning case from Judge Avern Cohn to Judge
  • Gerald E. Rosen (Entry date 03/19/98)
  • 3/30/98 -- MOTION by plaintiff to consolidate cases for all purposes
  • with memorandum in support and declaration of Marc Newman
  • (Edit date 03/31/98)
  • 3/30/98 -- MOTION by plaintiffs for appointment as lead plaintiffs
  • for approval of movants' selection of lead counsel and
  • 3/30/98 -- PROOF of mailing

  • 5 . CIVIL DOCKET FOR CASE 98-CV-70417

    EXTRACTED KEY WORDS
    PLAINTIFFS
    DEFENDANT
    CREDIT ACCEPTANCE
    DOCKET
    COUNSEL
    MARC NEWMAN
    DECLARATION
    SUPPORT
    MEMORANDUM
    MOTION
    PERSONAL SERVICWE
    BECKMAN
    RICHARD
    FOSS
    DONALD
    COURT
    DISTRICT
    MAILING
    COUNSEL EXECUTIVE COMMITTEE
    SELECTION
    MOVANTS
    APPOINTMENT
    EDIT
    PURPOSES
    CONSOLIDATE
    CERTIFIED MAIL
    FEE
    JURY DEMAND
    COMPLAINT
    
    Docket as of March 31, 1998 (retrieved 4/22/98)
    
    Proceedings include all events.
    2:98cv70417   Miller v. Credit Acceptance, et al
                                                                             TAC
                                                                TAC
                           U.S. District Court
             for the Eastern District of Michigan (Detroit)
    
                  CIVIL DOCKET FOR CASE #: 98-CV-70417
    
    Miller v. Credit Acceptance, et al                          Filed: 01/29/98
    Assigned to: Judge Nancy G. Edmunds          Jury demand: Plaintiff
    Demand: $0,000                               Nature of Suit:  850
    Lead Docket: None                            Jurisdiction: Federal Question
    Dkt# in other court: None
    
    
    EDWIN MILLER                      Gerard V. Mantese
         plaintiff                    (COR LD NTC ret)
                                      Mantese, Miller,
                                      2855 Coolidge Highway
                                      Suite 107
                                      Troy, MI 48084
                                      810-649-1300
                                      FTS 649-1337
    
    
       v.
    
    
    CREDIT ACCEPTANCE CORPORATION
         defendant
    
    
    DONALD A. FOSS
         defendant
    
    
    RICHARD E. BECKMAN
         defendant
    
    
    1/29/98  1       COMPLAINT with; jury demand  - Receipt # 356352  - Date Fee
                     Received: 1/29/98 (PP) (Entry date 02/02/98)
    
    2/6/98   2       SUMMONS returned  executed by certified mail on 1/30/98 -
                     answer due 2/19/98 for Credit Acceptance (db)
    
    SNIPPETS:
  • Docket as of March 31,
  • U.S. District Court for the Eastern District of Michigan
  • CREDIT ACCEPTANCE CORPORATION
  • 1/29/98 1 COMPLAINT with; jury demand - Receipt # 356352 - Date Fee
  • 1/29/98 (Entry date 02/02/98)
  • 2/6/98 2 SUMMONS returned executed by certified mail on 1/30/98 answer due 2/19/98 for Credit
  • 2/6/98 3 SUMMONS returned executed by personal servicwe on 1/30/98
  • - answer due 2/19/98 for Donald A. Foss
  • 2/6/98 4 SUMMONS returned executed by personal service on 1/30/98 answer due 2/19/98 for
  • 3/30/98 5 MOTION by plaintiffs to consolidate cases for all purposes
  • with memorandum in support and declaration of Marc Newman
  • (Edit date 03/31/98)
  • 3/30/98 6 MOTION by plaintiffs for appointment as lead plaintiffs
  • for approval of movants' selection of lead counsel
  • 3/30/98 7 PROOF of mailing of documents 5 and 6

  • 6 . COMPLAINT

    EXTRACTED KEY WORDS
    PLAINTIFF
    SECURITIES
    DEFENDANTS
    PUBLIC STATEMENTS
    CLASS ACTION
    ACCOUNTING
    ACT
    FOSS
    DEALERS
    UNITED STATES
    CLASS PERIOD
    LOANS
    CREDIT ACCEPTANCE CORPORATION
    RESERVES
    COMMON STOCK
    MISLEADING
    CREDIT LOSSES
    ALLEGATIONS
    INSTALLMENT CONTRACTS
    EDWIN MILLER
    DISSEMINATION
    MANAGEMENT
    EXECUTIVE OFFICER
    LOAN SERVICING SYSTEM
    MATERIAL FACTS
    ADVERSE INFORMATION
    FINANCE CHARGES
    COMMUNICATIONS
    RELEVANT TIMES
    
                      UNITED STATES DISTRICT COURT
    
                  FOR THE EASTERN DISTRICT OF MICHIGAN
    
    
    EDWIN MILLER, individually and on   )  Case No. 98-70417
    behalf of all others similarly      )
    situated,                           )
                                        )  CLASS ACTION COMPLAINT
         Plaintiff,                     )  (filed Jan. 29, 1998)
                                        )
         v.                             )  JURY TRIAL DEMANDED
                                        )
    CREDIT ACCEPTANCE CORPORATION,      )
    DONALD A. FOSS, and RICHARD E.      )
    BECKMAN,                            )
                                        )
         Defendants.                    )
                                        )
    ____________________________________)
    
    
              Plaintiff, by his attorneys, for his Class Action
    
    Complaint (the "Complaint") alleges the following upon personal
    
    knowledge as to himself and his own acts, and upon information
    
    and belief based upon the investigation of plaintiff's
    
    attorneys as to all other matters.  The investigation includes
    
    the thorough review and analysis of public statements,
    
    publicly-filed documents of Credit Acceptance Corporation
    
    ("Credit Acceptance" or the "Company"), press releases, news
    
    articles and the review and analysis of accounting rules and
    
    related literature.  Plaintiffs believe that further
    
    substantial evidentiary support will exist for the allegations
    
    set forth below after a reasonable opportunity for discovery.
    
                           SUMMARY OF ACTION
    
    
    SNIPPETS:
  • UNITED STATES DISTRICT COURT
  • EDWIN MILLER, individually and on) Case No. 98-70417 behalf of all others similarly)
  • CREDIT ACCEPTANCE CORPORATION,)
  • Plaintiff, by his attorneys, for his Class Action
  • the thorough review and analysis of public statements,
  • publicly-filed documents of Credit Acceptance Corporation
  • This is a securities class action on behalf
  • management, collection, sales training and related products and
  • Throughout the Class Period,
  • results, as reported by defendants, did not accurately reflect
  • accounting principles.
  • Company's common stock fell from a high range of $27-$26 at
  • per share and that credit losses in the amount of $60 million
  • 1934 (the "1934 Act"), 28 U.S.C. §§ 1331 and 1337.
  • including the dissemination of false
  • and misleading public statements and financial information,
  • services to automobile dealers located in the United States,
  • installment contracts written by participating dealers.
  • (representing working capital loans)
  • Defendant Donald A. Foss is
  • and was at all relevant times Chairman of the Board and Chief
  • Executive Officer of Credit Acceptance.
  • materially adverse information about the Company.
  • CLASS ACTION ALLEGATIONS
  • Others question the company's low level of reserves against loan defaults and the way it
  • To the extent that the Company does not collect the gross amount of the contract, the
  • These increases are primarily the result of a non-cash charge recorded to reflect an
  • material facts necessary to make defendants' statements,
  • defendants used communications with securities
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