H&R Block Sued by U.S. to Stop Purchase of TaxAct Maker
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The U.S. Justice Department sued H&R Block Inc. to stop its proposed purchase of the owner of TaxAct products, saying the companies’ merger would stifle competition and raise prices in the growing market for consumer tax-preparation software.
The department claimed in an antitrust complaint filed today in federal court in Washington that the deal would eliminate a company that has competed aggressively with H&R Block and “disrupted” the U.S. digital do-it-yourself tax-preparation market through low pricing and product innovation.