H&R Block Inc. agreed to pay as much as $20.2 million to customers that bought its Express IRAs to settle a federal lawsuit that alleged the relatively small accounts were virtually guaranteed to lose money because they charged high fees.
The settlement, which was announced Monday by New York Attorney General Andrew Cuomo, said that the U.S. tax preparer will refund $11.4 million to $19.4 million in fees and pay $750,000 in fines to the state. The Kansas City, Mo., company will also convert the Express IRA accounts into a new retirement account program that doesn’t charge fees, according to a statement by Cuomo.
Register or login for access to this item and much more
All Financial Planning 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
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access