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.
November 20, 2002 |
H&R Block Inc. said Tuesday that it would give 700,000 customers rebate coupons for tax preparation services to settle a class-action lawsuit in Texas over loans given in advance of tax refunds. The settlement, which also covers the plaintiffs' legal fees, removed uncertainty about the company's potential legal liabilities. Its ailing shares jumped as much as 12%. The Kansas City, Mo.
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.
June 21, 2001 |
H&R Block Inc. said its fiscal fourth-quarter net profit rose 10% to $374 million, or $4 a share, in line with expectations, as it charged customers more for its main tax preparation services. But the firm warned that its revenue growth over the next 12 months probably would be lower than its target of 10% to 15%, as its investment management operation continues to struggle with ailing stock markets. The Kansas City, Mo.
March 1, 2001 |
A federal judge barred H&R Block, the nation's largest income tax preparer, from using misleading phrases to advertise its Rapid Refund loan program and ordered it to pay more than $500,000 to an upstart rival. U.S. District Judge Raymond Jackson in Norfolk, Va., accused H&R Block of deliberately and maliciously using deceptive advertising to draw customers in the Hampton Roads, Va., area just as a competing tax preparation service was launching its business there.