H&R Block is suing The Block, formerly Square, over its new name

CNBC reported that tax preparation service H&R Block filed a lawsuit Thursday against Block, Inc., for trademark infringement. (formerly Square, Inc.).

"Today's filing is an important effort to prevent consumer confusion and ensure that a competitor cannot take advantage of reputation and trust," H&R Block President and CEO Jeff Jones said in a press release. We've built it in six decades."

H&R Block claims that Square's new name competes directly with Block in several areas of financial services, including its recently purchased tax service called Cash App Tax – H&R Block's previously credited Karma Tax. Similar. Includes $0 tax filing service.

H&R Block said the company has experienced several signs that consumers are forming a link between the companies because of their similar names.

Block, Inc., co-founded by Jack Dorsey, announced the company's name change on December 1, saying it "acknowledges the company's growth." The company cited several motivations for the name change in a Twitter post following the announcement, saying that the name represents the neighborhood block where the company finds its vendors, a blockchain, block parties filled with music, roadblocks and more. . ,