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What’s in a name? In this case, a lawsuit.
Fintech and digital payments giant Block, Inc., formerly known as Square, is being sued by tax preparation services company H&R Block for trademark infringement.
- Earlier this month, Square announced changing its name to Block to reflect changes to its business. The step may also be signaling the firm’s significant crypto ambitions.
- On Thursday, H&R Block said it has filed a lawsuit against the Jack Dorsey-run Block, arguing that “the goodwill and brand identity that [H&R] Block has carefully cultivated and nurtured over the last 65 years is under attack by the Silicon Valley fintech company.”
- H&R Block noted this new Block is a competitor in several financial services areas, including tax preparation via Block’s recent purchase of Credit Karma Tax, now called Cash App Taxes.
- “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 H&R Block CEO Jeff Jones.
- The complaint was filed in the U.S. District Court for the Western District of Missouri.
- Shares of Block were down 5.3% to $164.91 in trading Thursday.
- Block did not immediately respond to CoinDesk’s request for comment on the lawsuit.
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