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 chain’s 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 company’s 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.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access