H&R Block Climbs as CEO Says Mortgage Claims ‘Better’

H&R Block Inc., the tax preparer whose stock slid 18 percent last month, told investors to ignore speculation that it faces a surge in costs tied to its defunct mortgage business. The shares rose the most in more than a year.

Concern about potential losses tied to buybacks of home loans “is not based on fact,” and reserves to protect the company against claims “are adequate,” Chief Executive Officer Alan Bennett said yesterday during a conference call about fiscal first-quarter earnings. The call included repeated queries about claims, which have totaled more than $680 million.