CarsDirect.com Update

January 13, 2006

I am very pleased to report that the final hurdle blocking the payment to class members has been removed.  Congratulations.  Unless you have received notification that your claim was untimely or otherwise defective, your claim has been accepted and is being processed.  For those class members who have submitted timely claims, you will be receiving documentation you need to complete and return before you are issued your cashpayment.  Once again, thank you for your understanding and patience.


October 6, 2005

There has been a procedural delay in the resolution of the CarsDirect.com class action settlement which, unfortunately, will result in class members having to wait before their claims can be honored.     One individual, a Michigan resident, has made an objection to the class-action settlement.  However, this individual does not appear to be a member of the class; therefore, it is our position that he has no right to challenge the settlement.  The trial judge, Hon. Peter Lichtman, agreed and ruled that this individual IS NOT A CLASS MEMBER, but the objector filed an appeal from the judge's ruling.  As a result of this appeal, we are prevented from distributing any of the settlement proceeds until the appeal is resolved.  This office filed a motion to dismiss the appeal, since the "objector," in our view, lacks standing (the legal ability) to challenge the settlement.  The motion is currently pending before the Court of Appeals.  There will be an update posted as soon as a determination has been made.  Therefore, unfortunately, the claims settlement process has been placed on hold for the time being.  Thank you for your continuing patience.