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BUSINESS BRIEFS.(TO THE POINT)

Investor's Business Daily

| November 04, 2002 | COPYRIGHT 2002 Investor's Business Daily, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

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

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