Sarah Mirando  |  April 26, 2010

Category: Legal News

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H&R Block

 

H&R Block Settles Lawsuit Over Express IRAs

 

By Sarah Pierce

 

Tax preparation giant H&R Block has agreed to refund over $19 million in fees to customers who bought “Express IRAs,” settling a 1996 class action lawsuit that claimed the retirement accounts were deceptively marketed and almost guaranteed to lose money.

 

According to the Settlement Notice, H&R Block promoted and sold Express IRAs as a good way to save money and earn interest, despite the fact that the retirement accounts earned a low rate of interest and that fees charged on the accounts meant customers often lost money on their investments. In a statement, Attorney General Cuomo said that H&R Block opened more than 600,000 Express IRA accounts since 2000, and that 85 percent of account holders paid more in fees than they earned in interest.

 

If you’ve ever opened or obtained an Express IRA at any time from H&R Block or from any other company operating under the H&R Block name or brand, you’re entitled to part of the $19.4 million class action settlement. Under the settlement agreement, you’ll receive a refund of all “Program Fees” you paid on your Express IRA, plus 5% annual interest on the fees, calculated from the last date you paid a Program Fee through January 25, 2010.

 

The deadline to file a claim is July 30, 2010. The deadline to exclude yourself is April 28, 2010. For more information and to file an electronic claim, visit www.expressirasettlement.com.

 

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Updated April 26th, 2010

 

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2 thoughts onH&R Block Settles Lawsuit Over Express IRAs

  1. Angela Phipps says:

    Hi
    I been trying to find out about a IRA account I got with H & R Block maybe around 2005 but wasnt able to get any information about the account. Now, Im just now seeing this years later. Is it to late for me to find out about the account?

  2. Coralyn E. Zubik says:

    My husband and I had our income taxes prepared at H&R Block a dozen years ago and we made too much money that year and we were going to have to pay somewhere around three thousand dollars in taxes. We were told we could buy an IRA from them to avoid paying taxes so we agreed to buy the IRA. I only received one or two pieces of mail about this IRA after we purchased it. We moved from Illinois to Indiana. It was so many years ago I almost forgot about it. I made a phone call to H&R Block to inquire about this IRA program and I was told someone else was handling those IRA’s. I had to find my income taxes for that year which I couldn’t remember what year it was, and it seemed like a big hassle at the time. We moved and I couldn’t find copies of my taxes. I think I was one of those m people that were taken. How can I find out where that IRA is or if I was harmed. If I was harmed is it too late to be a part of this class action law suit?

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