Illinois Court Rejects H&R; Block Settlement
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H&R; Block Inc. said an Illinois judge rejected a $25-million settlement the tax preparer had negotiated to resolve claims over high-interest-rate loans issued to its customers in advance of tax refunds.
The proposed Illinois settlement would have resolved all U.S. claims against the firm’s refund-anticipation loan program.
Shares of Block, which said it would not meet its goal for tax customers this year because of a slow tax season, dropped $3.64 to $37.98 on the New York Stock Exchange.
The suits involve loans marketed to Block customers by a unit of Household International Inc., which recently was acquired by London-based HSBC Holdings. HSBC is a co-defendant.
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