December 12, 2007 |
H&R Block Inc., the nation's largest tax preparer, delayed its fiscal second-quarter earnings report to give its new auditors time to review the numbers. But the company said it expected a much larger loss as its mortgage business continued to drag it down. A preliminary report said that H&R Block expected a net loss of $502.3 million, or $1.55 a share, for the quarter ended Oct. 31, compared with a loss of $156.5 million, or 49 cents, during the same period a year earlier. Of that loss, $366.
August 30, 2006 |
A federal judge has approved a $39-million settlement in a long-running class-action lawsuit against H&R Block Inc. by customers who claimed they paid too much for refund anticipation loans. "I conclude that the settlement in this case is fair and reasonable," U.S. District Judge Elaine E. Bucklo said in an order issued Monday approving the third effort to reach a settlement in the suit, which has dragged on since 1998.
March 18, 2008 |
H&R Block Inc. said Monday that it had signed an agreement to sell its troubled mortgage servicing business for $1.1 billion to billionaire investor Wilbur Ross. Option One Mortgage Corp., which has been rocked by the nationwide mortgage crisis, services about $53 billion of sub-prime mortgages, ranking it the fourth-largest in the nation.
January 3, 2009 |
California's attorney general has settled a lawsuit against H&R Block Inc. over a widely used loan program that gives the nation's largest tax preparer a chunk of customers' tax refunds. Atty. Gen. Jerry Brown said Friday that the $4.85-million settlement would stop H&R Block from offering high-cost loans it had marketed as early tax refunds. Former Atty. Gen. Bill Lockyer sued H&R Block in 2006, adding California to a long list of others that sued over its "refund anticipation loans."
November 26, 2003 |
H&R Block Inc., the world's biggest tax preparation company, earned a second-quarter profit for the first time in its history because of a 20% increase in mortgage lending earnings. Its shares rallied in after-hours trading. Net income was $10.4 million, or 6 cents a share, contrasted with a loss of $37.3 million, or 21 cents, a year earlier. Analysts surveyed by Thomson First Call expected a 6-cent loss. The company increased its annual earnings forecast to a range of $3.65 to $3.
August 29, 2001 |
AOL Time Warner Inc. agreed to promote services from H&R Block Inc., the world's biggest tax preparer, on its Internet and television networks, including America Online and Time Warner Cable. H&R Block will offer America Online service to clients at its 10,400 offices worldwide. Terms of the agreement weren't disclosed. Separately, H&R Block said its fiscal first-quarter losses narrowed to $30.8 million, or 17 cents a share, from $51.
July 6, 2007 |
H&R Block Inc.'s mortgage unit lost a $1.5-billion credit line, falling "dangerously close" to the minimum amount of borrowing capacity demanded by a hedge fund firm that has agreed to buy the money-losing home lender. The tax-preparation giant, based in Kansas City, Mo., said it was confident the loss of the credit line wouldn't stop the sale of sub-prime lender Option One Mortgage Corp. to Cerberus Capital Management, a New York-based hedge fund manager.
June 30, 1999 |
H&R Block Inc., the world's largest tax preparer, said it will pay $290 million for accounting firm McGladrey & Pullen's non-audit business, expanding its accounting and consulting practice fourfold as it builds a full-range financial services company. The transaction would make H&R Block the nation's sixth-largest accounting firm, with about $400 million in revenue.
June 28, 2007 |
Richard Breeden, former head of the Securities and Exchange Commission and now a hedge fund manager, is seeking a seat on H&R Block Inc.'s board as management faces pressure to sell the company. Breeden Capital Management, which holds about 2% of H&R Block's shares, will nominate Breeden and two other people to fill three seats on the company's 11-member board in September, the Greenwich, Conn.-based investment firm said Wednesday.