H&R Block Sues HSBC Over RALs

Submitted by Jorina Fontelera on Mon, 10/18/2010 - 16:02

H&R Block Inc. sued HSBC Bank USA, alleging the bank failed to perform its contractual obligation that would have enabled H&R Block to offer refund anticipation loans (RALs).

According to the regulatory filing, the No. 1 U.S. tax preparer said it filed a complaint against HSBC for breaching contract by not performing preparatory actions that would have allowed H&R Block to offer instant RALs and refund anticipation checks to its clients, Reuters reported. H&R Block would be unable to offer RALs and refund anticipation checks for the 2011 tax season if the bank fails to carry out its contractual obligations within the next two months, the filing said.

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