H&R Block to pay nearly $5M in suit over its loans - KWWL - Eastern Iowa Breaking News, Weather, Closings

H&R Block to pay nearly $5M in suit over its loans

SACRAMENTO (KWWL) - The California state attorney general has settled a lawsuit against H&R Block over a widely used loan program that gives the nation's largest tax preparer a chunk of customers' tax refunds.

Attorney General Jerry Brown says the $4.85 million settlement will stop H&R Block Inc. from offering high-cost loans.

The company has marketed those loans as early tax refunds.

In return, customers give a percentage of their tax refunds to H&R Block and its banking partner.

H&R Block did not acknowledge any wrongdoing.

Online Executive Producer Nate Leding

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