Of course anyone can be sued for anything, but it is difficult to obtain contingency representation without identifying a relevant law.

He would not be sued in his individual capacity, but as an employee of Bankrate. (Director's insurance is irrelevant since he's not a Director of Bankrate.) Bankrate has in-house counsel, and can afford representation for frivolous litigation.

Note that the threat of a case being a "class action" isn't very meaningful here. At the stage at which a case with no legal basis would be dismissed, the costs are the same between a class action and an individual one.