Skip to main content

Someone’s Getting Something Out Of Calling Herbalife A Pyramid Scheme

  • Author:
  • Updated:

Unfortunately for Bill Ackman, it is not Bill Ackman. It’s this guy, who has finally become a millionaire courtesy of Herbalife.

Herbalife Ltd. agreed to pay $15 million to settle a lawsuit by a former California distributor of its nutrition products who alleged the company’s business model is a “pyramid scheme” that didn’t allow him to make a profit….

“We are fully confident that we would have prevailed,” Herbalife General Counsel Mark Friedman said in an e-mailed statement. “Settling this matter, however, is in the company’s best interest as it allows us to put it behind us and focus on the future growth of the company.”

Herbalife to Pay $15 Million to End ‘Pyramid Scheme’ Suit [Bloomberg]