H&R Block Inc. Class Action Settlement Approved

A class action lawsuit was filed against the tax preparation company regarding its refund anticipation loans (RAL) business. The class covers 1.72 million customers who received RAL through HSBC Holdings or Beneficial National Bank unit between April 1994 and December 1996. The lawsuit claims H&R Block failed to disclose high costs and other features of RALs made to millions of clients. H&R has agreed to a $39 million class action settlement. (Aug-29-06) [REUTERS]