Kingsville, Texas (June 26, 2003) -- A Texas state judge has approved a settlement to a class-action suit charging that tax preparation giant H&R Block received referral fees from Household International Inc., the bank issuing refund anticipation loans to Block customers.
Under the terms of the settlement, in which the company denied any liability, Block will provide some 700,000 customers in Texas with five years of coupons redeemable for about $375 of services at Block outlets. If all the coupons are redeemed, the value of the settlement would be roughly $262.5 million. In addition, Block agreed to pay the plaintiffs’ attorneys fees in the case of $49 million, of which $26 million will be refunded to the class.
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