Update:  The settlement was granted final approval at the May 17th, 2010 Fairness Hearing and the MDL cases were dismissed.  For more information, please visit the Settlement Documents section.

A settlement has been proposed by the parties regarding a proposed class action lawsuit pertaining to Express IRA’s promoted and sold by certain affiliates of H&R Block, Inc. If approved by the Court, the Settlement will pay settlement class members a dollar amount based on each individual’s “Program Fees” that the class member paid on their Express IRA, plus five-percent (5%) annual simple interest on the fees, calculated from the last date the class member paid a Program Fee through January 25, 2010. For purposes of this settlement, “Program Fees” are defined as account opening fees, recontribution fees, annual maintenance or custodial fees, account transfer fees, and account termination fees.  In addition, H&R Block will convert any remaining Express IRAs to Easy IRAs, a type of IRA with fewer fees. Additional details can be found in the Long Form Notice and/or Settlement Agreement.

On January 25, 2010, the Court granted preliminary approval to this proposed settlement, subject to a final fairness hearing that will occur on May 17, 2010.

The information above is in summary form and is not intended as a complete explanation of your rights.  For this, please review the Long Form Notice and/or the Settlement Agreement located in the Settlement Documents section.

The payments to individual settlement class members that will be made pursuant to the Settlement, if approved by the Court, are also required as relief directly to individual consumers under an agreement resolving a separate action against the defendants brought by the Attorney General of the State of New York.