H&R Block has settled with the New York Attorney General over alleged excessive fees it charged investors it steered to its Express IRA. The tax preparer will refund between $11.4 million and $19.4 million to customers and pay $750,000 in fines and fees.

“H&R Block’s aggressive peddling of fee-laden retirement accounts that were virtually guaranteed to lose money needlessly cost families across our country millions of their hard-earned dollars,” said New York Attorney General Andrew Cuomo. “This settlement will provide a measure of relief in these difficult times.”

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.