H&R Block has agreed to repay between $11.4 million and $19.4 million to settle a lawsuit brought by New York State Attorney General Andrew Cuomo over the tax prep chains marketing of high-fee individual retirement accounts to customers.
The agreement requires Block to refund the fees paid by all of its customers nationwide who purchased the companys Express IRA product, and convert all of the existing accounts to a new program that does not charge onerous fees. Cuomo had accused Block of fraudulently marketing the IRAs to low- and middle-income families.
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