West Virginia University's College of Law received the biggest gift in its history on Friday: $8 million of unclaimed money from the settlement of a nationwide class-action lawsuit against H&R Block Inc.

The lawsuit, which originated in West Virginia, settled in 2006 for about $62.5 million for an estimated 8 million customers who took up-front payments for anticipated tax refunds.

The so-called "Rapid Refunds" offered to H&R Block clients who were expecting tax refunds were actually loans repaid with the refunds, with interest rates between 29 percent and 750 percent.

Kanawha Circuit Judge Duke Bloom presided over the case, and suggested the WVU College of Law as a potential beneficiary of the money left over after settlement payments were completed. Lawyers for both sides, plus guardians ad litem who had been appointed to protect the interests of the unclaimed money, all approved of the gift.

The gift will increase the law school's endowment by roughly 30 percent, Bloom said during a news conference in his courtroom on Friday.

John W. Fisher II, outgoing dean of the law school, said the money would be used for scholarships and faculty endowments to attract top-tier talent to Morgantown.

The donation will be administered and invested by the Kanawha Valley Foundation, and could generate around $400,000 annually for the law school, Bloom said.

"It is a transformative gift for the College of Law and what it will enable us to do," Fisher said.

Because up to 80 percent of WVU law school graduates go on to practice law in state, the ultimate beneficiaries of the gift are the citizens of West Virginia, he said.

The investment proceeds will be overseen by a committee, which will include Trig Salsbery of Bailey & Glasser (which represented the plaintiffs), Charles Bailey of Bailey & Wyant (which defended the case), guardians ad litem Nick Casey and Tom Goodwin, and Bloom.

By using the money to give merit-based scholarships and recruit nationally recognized faculty, the committee hopes to turn WVU's law school into one of the best public law schools in the region, Bloom said.

To contact staff writer Andrew Clevenger, use e-mail or call 348-1723.

West Virginia University's College of Law received the biggest gift in its history on Friday: $8 million of unclaimed money from the settlement of a nationwide class-action lawsuit against H&R Block Inc.

The lawsuit, which originated in West Virginia, settled in 2006 for about $62.5 million for an estimated 8 million customers who took up-front payments for anticipated tax refunds.

The so-called "Rapid Refunds" offered to H&R Block clients who were expecting tax refunds were actually loans repaid with the refunds, with interest rates between 29 percent and 750 percent.

Kanawha Circuit Judge Duke Bloom presided over the case, and suggested the WVU College of Law as a potential beneficiary of the money left over after settlement payments were completed. Lawyers for both sides, plus guardians ad litem who had been appointed to protect the interests of the unclaimed money, all approved of the gift.

The gift will increase the law school's endowment by roughly 30 percent, Bloom said during a news conference in his courtroom on Friday.

John W. Fisher II, outgoing dean of the law school, said the money would be used for scholarships and faculty endowments to attract top-tier talent to Morgantown.

The donation will be administered and invested by the Kanawha Valley Foundation, and could generate around $400,000 annually for the law school, Bloom said.

"It is a transformative gift for the College of Law and what it will enable us to do," Fisher said.

Because up to 80 percent of WVU law school graduates go on to practice law in state, the ultimate beneficiaries of the gift are the citizens of West Virginia, he said.

The investment proceeds will be overseen by a committee, which will include Trig Salsbery of Bailey & Glasser (which represented the plaintiffs), Charles Bailey of Bailey & Wyant (which defended the case), guardians ad litem Nick Casey and Tom Goodwin, and Bloom.

By using the money to give merit-based scholarships and recruit nationally recognized faculty, the committee hopes to turn WVU's law school into one of the best public law schools in the region, Bloom said.

To contact staff writer Andrew Clevenger, use e-mail or call 348-1723.