A notice to terminate an administrative services agreement between CPA firm McGladrey & Pullen and RSM McGladrey has turned into a lawsuit.
RSM McGladrey, a wholly owned subsidiary of H&R Block, filed a suit against McGladrey & Pullen last week and alleged that the firm does not intend to abide by a contractual noncompetition provision.
Through the services agreement, which was signed in 1999, RSM provided various services to M&P. M&P received a line of credit from RSM to finance its receivables, working capital and office space. M&P also received capital investments from H&R Block affiliates to assist in acquisitions of professional services firms to develop software and other technology.
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