| Topic: |
Politics > Politics-USA |
| User: |
"Harry Hope" |
| Date: |
16 Mar 2006 06:33:54 AM |
| Object: |
H&R Block accused of fraud |
It was the latest in a series of problems faced by the Kansas City,
Mo., company.
A number of states, including California, have sued H&R Block over its
"refund anticipation loans," which are high-interest, short-term loans
that customers repay out of their tax refunds.
The company recently agreed to pay $62.5 million to settle a number of
class-action lawsuits over the loans; other class-action suits are
pending.
In February, the company revealed it had to restate earnings for 2005
and 2004 and the first two quarters of this year after discovering it
had made a mistake in determining its own state income-tax rates.
The latest lawsuit, filed in state Supreme Court in Manhattan, alleges
Block advised clients to buy an "unsuitable, fraudulently marketed,
poorly performing, fee-ridden 'retirement vehicle' called the Express
IRA" that actually shrinks over time.
From The Associated Press, 3/16/06:
http://seattletimes.nwsource.com/html/businesstechnology/2002867890_hrblock16.html?syndication=rss
H&R Block accused of fraud
By Samuel Maull
The Associated Press
NEW YORK --
New York state filed a $250 million fraud suit Wednesday against H&R
Block, charging that the nation's largest tax-preparation service
steered more than 500,000 customers into a money-losing
retirement-account plan.
___________________________________________________________
Let the buyer beware.
Harry
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| User: "Political Pagan" |
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| Title: Re: H&R Block accused of fraud |
16 Mar 2006 12:53:09 PM |
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Harry Hope <rivrvu@ix.netcom.com> wrote in
news:kqmi125sug6hg8tbthfggk0qdv827e0j0h@4ax.com:
The latest lawsuit, filed in state Supreme Court in Manhattan, alleges
Block advised clients to buy an "unsuitable, fraudulently marketed,
poorly performing, fee-ridden 'retirement vehicle' called the Express
IRA" that actually shrinks over time.
Hmm, wonder how long it will be before Bush 'forgives' them LOL
--
"To announce that there must be no criticism of the President, or that we
are to stand by the President, right or wrong, is not only unpatriotic and
servile, but is morally treasonable to the American
public." - Theodore Roosevelt
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| User: "" |
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| Title: Re: H&R Block accused of fraud |
17 Mar 2006 11:29:20 AM |
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I am surprised that the State of California did not name HSBC in their
RAL (refund anticipated loans) lawsuit. HSBC is the bank that is
actually providing the loans. They have a partnership with H&R Block.
HSBC is sort of the puppet master in all of this.
.
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| User: "Geno2345" |
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| Title: Re: H&R Block accused of fraud |
16 Mar 2006 09:55:35 AM |
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Nothing new there. Just bisiness as usual.
"Harry Hope" <rivrvu@ix.netcom.com> wrote in message
news:kqmi125sug6hg8tbthfggk0qdv827e0j0h@4ax.com...
It was the latest in a series of problems faced by the Kansas City,
Mo., company.
A number of states, including California, have sued H&R Block over its
"refund anticipation loans," which are high-interest, short-term loans
that customers repay out of their tax refunds.
The company recently agreed to pay $62.5 million to settle a number of
class-action lawsuits over the loans; other class-action suits are
pending.
In February, the company revealed it had to restate earnings for 2005
and 2004 and the first two quarters of this year after discovering it
had made a mistake in determining its own state income-tax rates.
The latest lawsuit, filed in state Supreme Court in Manhattan, alleges
Block advised clients to buy an "unsuitable, fraudulently marketed,
poorly performing, fee-ridden 'retirement vehicle' called the Express
IRA" that actually shrinks over time.
From The Associated Press, 3/16/06:
http://seattletimes.nwsource.com/html/businesstechnology/2002867890_hrblock16.html?syndication=rss
H&R Block accused of fraud
By Samuel Maull
The Associated Press
NEW YORK --
New York state filed a $250 million fraud suit Wednesday against H&R
Block, charging that the nation's largest tax-preparation service
steered more than 500,000 customers into a money-losing
retirement-account plan.
___________________________________________________________
Let the buyer beware.
Harry
.
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