OVERVIEW OF THE CASE AND ONGOING INVESTIGATION
Stueve Siegel Hanson LLP has been appointed liaison counsel in a case against H&R Block alleging that the tax firm misled consumers in the marketing and sale of the "Express IRA" product.
This class action lawsuit alleges that consumers who open Express IRAs lose money because H&R block's fees for the accounts exceed the interest earned by the accounts. The lawsuit further alleges that H&R Block failed to adequately explain the Express IRA's financial consequences and limitations and that H&R Block knew that the Express IRA was an unsuitable investment for most of its clients.
On August 14, 2006, the Judicial Panel on Multidistrict Litigation granted SSH's motion to transfer similar lawsuits that had been filed across the country to the United States District Court for the Western District of Missouri for centralization.
UPDATE: On January 22, 2010, the Court granted preliminary approval to a $19.4 million settlement providing for the repayment of program fees charged under the H&R Block Express IRA program and affording other relief to the class. The settlement will be administered by Analytics, which was appointed by the Court to provide notice to the class and oversee the distribution of settlement funds. Notice regarding the settlement and how to participate will be mailed to Express IRA customers during the month of March 2010.
Click HERE to reach the H&R Block Express IRA Settlement Website.
