H&R Block sues Square over name change

Karthik Subramanian

H&R Block, the tax preparation firm, has sued Square over the recent rebranding of the company to Block as it believes that it confuses the users of both companies.

square

Square, the payments company that was founded by Jack Dorsey, recently rebranded itself to Block in a sign of things to come.

Square Rebrand

Though it did not specifically give details on why the rebranding was done and whether it means that the company would change its focus in the coming months, it has been generally believed that this rebranding, similar to that of Facebook, would mean that the company would focus more on the blockchain, crypto, and bitcoin in the future, in line with the interests of its founder.

But this seems to have caused a lot of confusion especially because Square continues to expand on its range of businesses within the financial services domain and this expansion seems to be infringing on some of the established businesses of H&R Block. One such business is tax preparation which Square also seems to be entering into with the purchase of Credit Karma Tax, which is now called Cash App Taxes.

Rebranding Causing Confusion

“Today’s filing is an important effort to prevent consumer confusion and ensure a competitor cannot leverage the reputation and trust we have built over more than six decades,” said Jeff Jones, H&R Block president, and CEO. “Protecting and defending our brand is crucial.”

H&R Block has been in business for over 65 years and the company says that it has been spending billions of dollars in trying to build up its brand and ever since the rebranding of Square to Block, it says that many of its users have been confused into believing that the two companies are related to each other especially as both of them are moving deep into financial services industry.

This is going to be an interesting battle with the reputation of both the large companies at stake. It is unlikely that either of them is going to back down from their positions. It could also pave the way for the public to know why Square had indeed gone for a rebranding and why it would want to retain the name even under difficult circumstances that involve lawsuits etc.

Read this next

Digital Assets

GK8 now allows clients to control their digital assets as they would their fiat

“As the institutional market is increasingly turning to self custody, our policy engine empowers them to automate transactions, approvals, and even crucial workflows, while providing the highest degree of security, consistency, governance and control.”

Digital Assets

Retail CBDCs in the UK: “Welcomed” by CryptoUK and R3, but “Dystopian” for ETC Group

“At this stage, we judge it likely that the digital pound will be needed in the future. It is too early to decide whether to introduce the digital pound, but we are convinced preparatory work is justified”, said the BoE and HM Treasury.

Institutional FX

Centroid taps Iress API to provide retail brokers with real-time market data

“It has always been a challenge to have an efficient, elegant solution for market data and order execution for retail brokers, but with Iress we have found absolutely the right partner to add to our client offering.”

Digital Assets

Ramp launches FCA-approved off-ramp product, onboards Brave, Trust Wallet, Ledger

“To obtain and maintain our FCA registration, we must meet and operate within their strict anti-money laundering and counter-terrorist financing standards. This is a huge achievement for us, as compliance is a cornerstone of our business and what we stand for.”

Institutional FX

State Street launches FIX API for Fund Connect ETF platform

“Expanding from proprietary APIs to the FIX industry standard will bring us closer to our goal of 100% digital interactions. This is another example of innovations we’ve brought to our operating model as we celebrate 30 years of servicing ETFs since the launch of SPY.”

Industry News

HollyWally opens office in Portugal to bring B2B2C wallet-as-a-service platform to Europe

“We looked at a number of centers for startups throughout Europe and were attracted straight away to Lisbon. There is great Government support and enthusiasm for startups, it’s well positioned between our Asian and US offices, it’s a cost-effective city in which to base a fintech and it’s a beautiful place.”

Retail FX

Eightcap integrates Acuity’s economic calendar for trade ideas on MT4 or MT5

“By incorporating Acuity’s cutting-edge AI technology into our platform, we are able to offer our clients a powerful new tool that will help them stay ahead of the markets. We are committed to providing an extensive range of tools and educational resources that will enhance our clients’ trading experience and allow them to trade smarter.”

Digital Assets

Fuse Network powers Web3 economy, payments with ‘Fuse 2.0’

Web3 payments revolution startup Fuse Network announced the release of ‘Fuse 2.0.’ alongside a new roadmap, whitepaper, and fresh branding aimed at bringing crypto payments to the mainstream global economy.

Inside View

Private Equity Renaissance

Recent years have seen a resurgence in the concept of trading physical equities, with a slew of new arrivals joining the market for what is arguably one of the oldest forms of investing. But what has been the driving force behind this change in momentum?

<