On Wednesday, we blogged New York Attorney General Eliot Spitzer’s $250 million lawsuit against H&R Block, accusing the nation’s largest tax preparation service of fraudulently pushing clients to invest their tax refunds in Express IRS, which allegedly had high fees and low returns.  Mark A. Ernst, Chairman & CEO of H&R Block, has published a stinging response in a Wall Street Journal op-ed, "Unfair Attack":

I believe I speak for every one of H&R Block’s more than 7,000 franchisees and company employees in the state of New York in saying that this suit is an unfair attack on a good product that plays a key role in our mission to help lower- and middle-income Americans start saving for retirement.

Update:  New York Times editorial, Another Black Eye for H&R Block:

H&R Block denies any wrongdoing and plans to fight in court. Regardless of the outcome, the controversy should be a reminder that low- and moderate-income earners need straightforward, low-cost ways to save. Conventional I.R.A.’s are inconvenient and offer tax breaks meant primarily for high-income people. Employer-based savings plans, like 401(k)’s, are often not available. The dearth of easy ways to save is surely a big reason that hundreds of thousands of people have signed up for the H&R Block offering.