H&R Block Slapped With $250M Fraud Suit...
Reuters Joe Giannone, Bill Rigby March 15, 2006 at 07:14 PM
H&R Block Inc. the largest U.S. tax preparer, fraudulently marketed retirement savings plans that caused hundreds of thousands of mostly low-income clients to lose money, New York State Attorney General Eliot Spitzer charged in a lawsuit filed on Wednesday.
The suit seeks $250 million in fines plus refunds after H&R Block steered roughly 500,000 tax return customers to invest in individual retirement accounts, but failed to disclose high hidden fees that actually outpaced interest earned on the accounts, the attorney general said.
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H&R Block Inc. the largest U.S. tax preparer, fraudulently marketed retirement savings plans that caused hundreds of thousands of mostly low-income clients to lose money, New York State Attorney General Eliot Spitzer charged in a lawsuit filed on Wednesday.
The suit seeks $250 million in fines plus refunds after H&R Block steered roughly 500,000 tax return customers to invest in individual retirement accounts, but failed to disclose high hidden fees that actually outpaced interest earned on the accounts, the attorney general said.
READ WHOLE STORY
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