H&R Block Says Supreme Court of New York Dismisses Six of Seven Complaints Previously Brought by AG
KANSAS CITY, Mo.--(BUSINESS WIRE)--July 12, 2007--The Supreme Court of the State of New York today dismissed H&R Block, Inc. (NYSE: HRB) and five of its business units as defendants in a complaint originally brought by former New York Attorney General Eliot Spitzer, that alleged fraudulent and deceptive marketing of individual retirement accounts.
The Spitzer complaint, filed in 2006, relates to the marketing of individual retirement accounts to customers seeking tax preparation services.
Justice Karla Moskowitz let stand the portion of the complaint dealing with a seventh business unit, H&R Block Financial Advisors Inc., but dismissed the complaint's allegations of common law fraud by that business unit.
H&R Block Financial Advisors believes the remaining claims are also without merit and intends to appeal.
About H&R Block
H&R Block Inc. (NYSE: HRB) is a leading provider of tax, financial, and accounting and business consulting services and products. H&R Block is the world's largest tax services provider, having prepared more than 400 million tax returns since 1955. The company and its subsidiaries reported revenues of $4.0 billion and net income from continuing operations of $374.3 million in fiscal year 2007. The company has continuing operations in three principal business segments: Tax Services (income tax return preparation and related services and products via in-office, online and software solutions); Business Services (accounting, tax and business consulting services primarily for midsized companies); and Consumer Financial Services (brokerage services, investment planning and related financial advice along with full-service consumer banking). Headquartered in Kansas City, Mo., H&R Block markets its continuing services and products under two leading brands - H&R Block and RSM McGladrey. For more information visit our Online Press Center at www.hrblock.com.
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SOURCE: H&R Block Inc.