Subprime auto finance company Credit Acceptance Corporation (NasdaqGM: CACC) said yesterday that it has signed a Memorandum of Understanding to settle a consumer class action lawsuit in the matter entitled Marvin Fielder, et al v. Credit Acceptance Corporation, pending in the Circuit Court of Jackson County, Missouri. The lawsuit has been pending since October of 1996 and is described in detail in the Credit Acceptance’s Annual Report on Form 10-K for the year ended December 31, 2005 and most recently in the company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2006.
Credit Acceptance has agreed to pay $12.5 million in full and final settlement of all claims against the firm.
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