http://biz.yahoo.com/ap/060315/h_r_block_fraud_suit.html?.v=6Maybe somebody else posted this already - I recently got back from the hospital, and the back operation was successful. Now if I can just heal...The lawsuit, filed in Manhattan's state Supreme Court, says Block advised clients to buy an "unsuitable, fraudulently marketed, poorly performing, fee-ridden 'retirement vehicle' called the Express IRA," an account that actually shrinks over time.The court papers, filed by Attorney General Eliot Spitzer, say the money in the retirement account decreases because the only investment option offered is a money market account with an interest rate so low that it does not cover the fees -- "fees that H&R Block fails to adequately disclose."The attorney general's lawsuit asks that the company be required to stop engaging in any fraudulent practices, that the company be forced to disgorge profits and pay damages and restitution caused by their scheme, and that it pay civil penalties of no less than $250 million.H&R Block said in a statement that it will "fight vigorously to defend the Express IRA product and ensure it remains available to our many clients who rely on it as a helpful savings option.""Make no mistake -- we believe in the Express IRA product and are proud of the opportunities it presents for our clients," said Chairman and CEO Mark A. Ernst.Just that last statement should be sufficient to keep people away from H&R Block. What an incredible liar!
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, An