llinois Attorney General Lisa Madigan’s office said on Thursday it is investigating Herbalife Ltd, joining other state and federal probes of allegations that the weight loss and nutrition company is running a pyramid scheme….
Madigan’s office was urged to look into the company months ago by civil rights groups, which claimed it was a pyramid scheme targeting minorities. Hedge fund manager William Ackman was the first to call Herbalife a fraud and placed a $1 billion bet against the company in 2012….
Herbalife said it has more than 15,000 members and many more thousands of “satisfied customers” in Illinois. The company noted that it is confident in its business and that it complies with appropriate laws and regulations.
“We look forward to working with the Illinois Attorney General’s office to resolve the consumer complaints it has received,” it said in a statement.