April 1, 2004 |
H&R Block Inc. on Wednesday said it lost a bid for dismissal of a lawsuit on behalf of millions of customers who claim the world's largest tax preparer plotted with bankers to gouge them on tax-refund loans. U.S. District Judge Elaine Bucklo in Chicago found that a nationwide class of consumers can press claims that H&R Block and its banking-services partner, Household International Inc.
December 13, 2003 |
H&R Block Inc. said the Securities and Exchange Commission was investigating the company's disclosure of lawsuits stemming from its tax refund loans. The SEC has begun a formal investigation into company filings before December 2002. H&R Block reported a $41.7-million charge in November 2002 to settle a Texas lawsuit over its loans, which advance money to clients while they await tax refunds.
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.
June 3, 2003 |
The Supreme Court ruled that usury claims in a lawsuit involving H&R Block Inc. customers who took out tax refund anticipation loans must be moved to federal court. The high court ruled for Beneficial National Bank, a unit of Household International Inc., which had joined the nation's leading tax preparer in making the loans.
May 8, 2003 |
H&R Block Inc. expects to fight lawsuits over its tax-refund loans in about six states after a federal judge threw out a national settlement, Chief Executive Mark Ernst said. A U.S. district judge in Illinois ruled against a $25-million settlement last month on concerns that lawyers weren't properly representing H&R Block customers, who claim they were charged exorbitant interest rates.
April 17, 2003 |
H&R Block Inc. said an Illinois judge rejected a $25-million settlement the tax preparer had negotiated to resolve claims over high-interest-rate loans issued to its customers in advance of tax refunds. The proposed Illinois settlement would have resolved all U.S. claims against the firm's refund-anticipation loan program. Shares of Block, which said it would not meet its goal for tax customers this year because of a slow tax season, dropped $3.64 to $37.98 on the New York Stock Exchange.
March 26, 2003 |
Consumer groups are complaining that tax preparation giant H&R Block Inc. is using personal information gathered via the U.S. government's free electronic tax-filing program to market products. H&R Block is using the program "to gather the most intimate financial details that a consumer can have -- information on a tax return -- so they can sell these taxpayers all sorts of unrelated products," Jean Ann Fox, director of consumer protection at the Consumer Federation of America, said Tuesday.
February 25, 2003 |
H&R Block Inc., the largest U.S. tax preparer, said fiscal third-quarter earnings more than quadrupled to $132 million as it sold assets related to its mortgage business. The Kansas City, Mo.-based company earned 73 cents a share, compared with $29.6 million, or 16 cents, in the year-earlier period. Revenue increased 30.7% to $958.4 million. The company said it expected to earn $3.10 to $3.25 a share in fiscal 2003, an increase of its previous forecast. H&R Block shares fell 42 cents to $37.