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 KANSAS CITY, Mo. (AP) - The $250 million lawsuit accusing H&R Block Inc. of fraudulent marketing of its retirement accounts shows the perils the company faces as it continues to remake itself into something besides just the place to go every winter with your W-2.
The dustup provides yet another black eye for the tax preparation giant, which is in the midst of its busiest season as millions of Americans look for help in filing their income taxes but are increasingly looking to competitors or doing it themselves online or with store-bought software.
The suit brought by New York Attorney General Eliot Spitzer also provides another example of how the company's attempts to add value through diversification over the last few years — Block now offers investment advice, sells mortgages, takes over back-office accounting for small businesses and will even open its own bank next month — could be drawing its focus away from its bread-and-butter tax services.
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