H&R Block, NY Settle Fraudulent IRA Marketing Suit

Law360, New York (January 4, 2010, 6:25 PM EST) -- H&R Block Inc. has agreed to pay millions to settle a suit brought by the New York attorney general that accused the tax preparation giant of steering hundreds of thousands of customers into individual retirement accounts that were virtually guaranteed to lose money.

The firm will refund between $11.4 million and $19.4 million in fees to customers nationwide, depending upon the number of claims, the attorney general's office said Monday. Eligible consumers will be contacted by a court administrator.

“H&R Block’s aggressive peddling of fee-laden retirement...
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