Girard Gibbs served as lead counsel in a case against H&R Block alleging that the tax firm misled consumers in the marketing and sale of its “Express IRAs”. The lawsuit alleged 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.
H&R Block Class Action Alleges Violations of Missouri Securities & Consumer Laws
The class action lawsuit was filed in the U.S. District Court for the Western District of Missouri. The class action alleged that H&R Block’s actions related to its Express IRA accounts violated Missouri securities laws and the Missouri Merchandising Practices Act, breach of fiduciary duty, unjust enrichment, money had and received, and equitable rescission.
H&R Block Class Action Settles for $19.4 million
The Court granted approval to a $19.4 million settlement providing for the repayment of program fees charged under the H&R Block Express IRA program. As a result of the lawsuit, the Express IRAs were also converted to H&R Block Easy IRAs, which carry fewer fees.
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