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Herbalife settles pyramid scheme case with regulator, in blow to Pershing’s Ackman

July 16, 2016 by · Leave a Comment 

By Diane Bartz and Michael Flaherty WASHINGTON/NEW YORK (Reuters) – Herbalife Ltd agreed to pay $200 million and change the way it does business to avoid being labeled a pyramid scheme by regulators, a blow to hedge fund manager Bill Ackman who for years has been betting against the dietary supplements maker. Shares of Herbalife jumped more than 20 percent after the settlement was made public and the Los Angeles-based company said its board had cleared the way for billionaire investor Carl Icahn to boost his …

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Herbalife settles pyramid scheme case with regulator, in blow to Pershing’s Ackman