H&R Block To Repay Up To $19M In IRA Fees
About 30,000 New York customers were involved, Cuomo said.
"H&R Block's aggressive peddling of fee-laden retirement accounts that were virtually guaranteed to lose money needlessly cost families across the country millions of their hard-earned dollars," Cuomo said in a statement. "This settlement will provide a measure of relief in these difficult times."
The settlement resolves a lawsuit filed by Cuomo. It alleged that senior managers at H&R Block knew many customers were losing money on the IRAs, yet took no action.
H&R Block officials were not immediately available for comment.Cuomo's office claimed the failure to disclose fees and warn consumers that interest paid would not cover the fees violated New York's consumer fraud law. The New York settlement coincides with an independent settlement of various consolidated federal private lawsuits, based upon the same allegations, pending before the U.S. District Court in Kansas City, Mo., where H&R Block is based.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV