H&R Block


H&R Block Settles Lawsuit Over Express IRAs


By Sarah Pierce


Tax preparation giant H&R Block has agreed to refund over $19 million in fees to customers who bought “Express IRAs,” settling a 1996 class action lawsuit that claimed the retirement accounts were deceptively marketed and almost guaranteed to lose money.


According to the Settlement Notice, H&R Block promoted and sold Express IRAs as a good way to save money and earn interest, despite the fact that the retirement accounts earned a low rate of interest and that fees charged on the accounts meant customers often lost money on their investments. In a statement, Attorney General Cuomo said that H&R Block opened more than 600,000 Express IRA accounts since 2000, and that 85 percent of account holders paid more in fees than they earned in interest.


If you’ve ever opened or obtained an Express IRA at any time from H&R Block or from any other company operating under the H&R Block name or brand, you’re entitled to part of the $19.4 million class action settlement. Under the settlement agreement, you’ll receive a refund of all “Program Fees” you paid on your Express IRA, plus 5% annual interest on the fees, calculated from the last date you paid a Program Fee through January 25, 2010.


The deadline to file a claim is July 30, 2010. The deadline to exclude yourself is April 28, 2010. For more information and to file an electronic claim, visit www.expressirasettlement.com.


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Updated April 26th, 2010


All class action and lawsuit news updates are listed in the Lawsuit News section of Top Class Actions


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Please note: Top Class Actions is not a settlement administrator or law firm. Top Class Actions is a legal news source that reports on class action lawsuits, class action settlements, drug injury lawsuits and product liability lawsuits. Top Class Actions does not process claims and we cannot advise you on the status of any class action settlement claim. You must contact the settlement administrator or your attorney for any updates regarding your claim status, claim form or questions about when payments are expected to be mailed out.


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