Taxation preparation firm H&R Block has filed a trademark infringement suit against Block, the recently rebranded Square business, accusing the payments firm of confusing customers and damaging its psopects as it moves deeper into financial services.
H&R Block says the newly-named Block competes directly in several areas of financial services, including tax preparation through its recent purchase of Credit Karma Tax, now called Cash App Taxes.
The company says it has invested billions of dollars over its 65 years in business to build a brand identity that is recognised and trusted by customers.
“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,” says Jeff Jones, H&R Block president and CEO. “Protecting and defending our brand is crucial.”
He says that in the two weeks since the Square name change was announced, there already have been numerous indications that consumers are drawing a link between the companies.
The complaint has been filed in the US District Court for the Western District of Missouri.