H & R Block Inc. News

H & R Block investment controversy
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March 17th, 2006
If you have other people file your taxes, be careful what you do with your refund. Some tax companies have refund plans or deals that might not be all they appear.
Tuesday a lawsuit was filed against H & R Block alleging that a refund investment program the company encourages was a blatantly bad investment.

The suit, filed by New York Attorney General Eliot Spitzer, says the company steered approximately five hundred-thousand customers into IRA accounts that were “virtually guaranteed” to loose money. The suit goes on to say that 85 percent of customers did just that.

H & R says they believe in the IRA's. But investors may not believe in the accounting firm. Their stock dropped by eight points following the news.
http://www.ktva.com/topstory/ci_3606068

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