Facts

A class of consumers filed suit against tax firm H&R Block in relation to the marketing, sales, and purchases of H&R Block's "Express IRA" product.

PLAINTIFFS' CONTENTIONS:
Plaintiffs claimed that defendant engaged in misleading practices when marketing and selling the "Express IRA" product. Plaintiffs argued that customers who opened Express IRAs lost money due to defendant's excessive fees for the accounts in relation to interest earned on them. Further, plaintiffs argued that defendant did not sufficiently elucidate the financial potentialities and boundaries of the IRAs, and had knowledge that IRAs were inappropriate investments for the majority of consumers.

Result

The parties agreed to settle for $19.4 million.