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ACCOUNTING
SEC widens ex-FBI director probe
The agency, already reviewing William Webster's selection as head of a new accounting oversight board, will also probe his work on the audit panel of Web firm U.S. Technologies, which was sued for fraud. SEC Chairman Harvey Pitt has been harshly criticized for not revealing Webster's audit committee work before the SEC voted for him.
Enrst & Young sued for $548 mil
The Federal Deposit Insurance Corp. sued the accounting firm for allegedly misstating a Chicago bank's assets and delaying reporting the error so it wouldn't affect the $11 bil sale of its consulting unit. Ernst & Young admitted in Jan. '01 it overvalued Superior Bank's assets by $270 mil. Federal regulators in July '01 seized the bank.
FINANCE
H&R Block drops 8% on lawsuits