New York state filed a $250 million suit Wednesday against H&R Block, charging the company fraudulently steered customers into a losing retirement account plan. State Attorney General Eliot Spitzer, who filed the suit in Manhattan Supreme Court, says 85 percent of customers who opened Express IRAs paid H&R Block more in fees than they earned in interest. The nation's largest tax-preparing service said it will fight to defend the Express IRA, which it called a "helpful savings option."
March 16, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
New York state filed a $250 million fraud suit Wednesday against H&R Block Inc., the nation’s largest tax-preparing service, charging the company fraudulently steered customers into a losing retirement account plan.
The news unnerved investors, who sent H&R Block shares down $1.30, or almost 6 percent, to $20.70 in midday trading on the New York Stock Exchange.
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