NEW YORK, March 30, 2004 (PRIMEZONE) -- The law firms of Kirby McInerney & Squire, LLP and Levy Angstreich Finney Baldante, Rubenstein & Coren, P.C. announce that the U.S. District Court for the Northern District of Illinois has issued an opinion, entered March 30, 2004, sustaining federal Racketeer Influenced and Corrupt Organizations Act ("RICO") claims on behalf of a certified nationwide plaintiff class against H&R Block, Inc. (NYSE:HRB) and Household International, Inc. (successor to Beneficial Corporation), a subsidiary of HSBC Holdings PLC (NYSE:HBC). The opinion dismissed certain other claims. Plaintiff alleges that defendants, among other things, deceived customers seeking tax refunds into obtaining high interest loans.
In ruling on the RICO claims, the court held that the complaint adequately pled that the H&R Block and Beneficial defendants "operated a scheme to defraud customers, distinct from the other ordinary business dealings each conducted, whereby Block would attract and mislead customers into purchasing extremely expensive loans from Beneficial in exchange for a cut of the profits."
The nationwide plaintiff class is represented by Kirby McInerney & Squire, LLP and Levy Angstreich, et al. The firms specialize in complex litigation, including consumer and securities class actions. The firms' efforts on behalf of consumers and shareholders have resulted in recoveries totaling hundreds of millions of dollars, and their achievements and quality of service have been chronicled in published decisions.
For more information, contact:
Peter S. Linden, Esq. Joanne M. Cicala, Esq. KIRBY MCINERNEY & SQUIRE, LLP 830 Third Avenue New York, New York 10022 Telephone: (212) 371-6600 Toll Free: (888) 529-4787 Facsimile: (212) 751-2540 E-Mail plinden@kmslaw.com or Steven Angstreich, Esq. Michael Coren, Esq. Carolyn Lindheim, Esq. LEVY ANGSTREICH FINNEY BALDANTE, RUBENSTEIN & COREN, P.C. 1616 Walnut Street, 5th Floor Philadelphia, Pa 19103 Telephone: (215) 735-1616 Facsimile: (215) 545-2642 E-Mail sangstreich@levyangstreich.com