Household HSBC Watch

Published: May 28, 2005 By Reuters

A federal judge yesterday rejected the $360 million settlement of a lawsuit accusing H&R Block, the tax preparer, and HSBC Taxpayer Financial Services, a consumer lender, of deceiving poor customers into taking out high-interest loans. Judge Elaine E. Bucklo of the United States District Court in Chicago said yesterday that the settlement did not offer enough value and that many potential claimants might never learn of their rights. But Judge Bucklo said the coupons offered little value.”It seems likely that the $6 coupon fee would simply be lost in higher fees and it is at any rate too little to be meaningful,” she wrote.