H&R Block Settles $39M Class Action

Law360, New York (August 30, 2006, 12:00 AM EDT) -- After eight years of litigation and three proposed settlement agreements, a federal judge has approved a $39 million settlement in a class action lawsuit against H&R Block Inc. and Beneficial National Bank over refund-anticipation loans.

The 1.7 million plaintiffs in the case alleged that they overpaid for refund-anticipation loans from April 1994 to December 1996.

The $39 million settlement will be split between H&R Block and Beneficial National Bank, which is now part of London-based HSBC Holdings PCL. The companies will also pay around $850,000 to...
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