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

Retail FX

XPRTcoin Review 2022 – Is XPRTcoin Scam or Legit?

Read our XPRTcoin review today to learn all you need to know about XPRTcoin before signing up with the broker (xprtcoin.com) – by FinanceFeeds.

Retail FX

Financial services domains blocked by Consob rise to 708

In yet another episode in a long-running campaign, the Italian financial regulator, Consob, once again blocked access to a number of investment websites, including those holding licenses in other jurisdictions.

Digital Assets

Binance upgrades Bahrain license to offer full-suite of crypto services

The Central Bank of Bahrain (CBB) has granted Binance its Category 4 license as a fully-fledged crypto-asset service provider (CASP).

Digital Assets

BitMEX spot exchange hits $24 million in daily volume

The newly-launched spot market of crypto exchange BitMEX reported a record of $24 million in 24-hour trade activity on May 25.

Retail FX

Financial Commission certifies offering of trade copier 4X Solutions

The Financial Commission, an independent self-regulatory compliance specialist for the financial services industry, has certified the trading technology offered by trade copier 4X Solutions.

Industry News, Inside View

LIVE from Devexperts webinar for brokers on Fractional Trading

Finance Feeds is providing live coverage of the event that aims to help brokers discover fractional shares as a key tool for a successful brokerage business in today’s trading industry.

Industry News, Retail FX

ASIC celebrates retail ban on binary options as 68% of wholesale clients lose money

In the 13 months before the ban, between 74% and 77% of active retail clients lost money trading binary options. The product intervention order does not apply to wholesale clients.

Crypto Insider

Investing in crypto: how to stay away from weak players

The main reason behind the hacks of crypto exchanges is weak key management. For example, all 4 hacks that took place in 2021 were caused by the ability of hackers to obtain access to hot wallets. 

Retail FX

Vantage launches swap-free gold XAUUSD trades for all clients until end of July

“As the greenback continues to strengthen, we want to support traders who remain bullish on gold or seek short term trading opportunities amid the volatility”

<