New York, New York--(Newsfile Corp. - October 4, 2021) - Moore Kuehn, PLLC, a securities law firm located on Wall Street, is investigating whether certain officers and directors of Credit Acceptance Corporation (NASDAQ: CACC) breached their fiduciary duties to shareholders.
According to a federal securities lawsuit, the Company was topping off the pools of loans that they packaged and securitized with higher-risk loans; Credit Acceptance was making high-interest subprime auto loans to borrowers that the Company knew borrowers would be unable to repay; the borrowers were subject to hidden finance charges, resulting in loans exceeding the usury rate ceiling mandated by state law; Credit Acceptance took excessive and illegal measures to collect debt from defaulted borrowers; as a result, the Company was likely to face regulatory scrutiny and possible penalties from various regulators or lawsuits. On September 1, 2021, the Company announced that it agreed to pay over $27 million to settle litigation brought against it by the Massachusetts Attorney General.
If you currently own CACC and purchased prior to November 1, 2019 please contact Justin Kuehn, Esq. by email at jkuehn@moorekuehn.com or telephone at (212) 709-8245. There is no cost to you. Moore Kuehn is a New York-based law firm with attorneys representing investors and consumers. Please visit http://www.moorekuehn.com/practice/new-york-shareholder-derivative-litigation/.
Attorney advertising. Prior results do not guarantee similar outcomes.
Moore Kuehn, PLLC
Justin Kuehn, Esq.
30 Wall Street, 8th Floor
New York, New York 10005
jkuehn@moorekuehn.com
(212) 709-8245
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/98457
