Judge Dismisses 'Pyramid Scheme' Lawsuit Versus Herbalife

A federal judge has dismissed a lawsuit accusing Herbalife and its chief executive officer of misrepresenting the weight-loss and nutritional products maker's sales practices as legitimate when the company was "at its core" a pyramid scheme. District Judge Dale Fischer in Los Angeles, who dismissed a version of the complaint in March, said on Tuesday the Oklahoma Firefighters Pension and Retirement System did not show the defendants defrauded shareholders by concealing the company's inability to track retail sales. He said in December 2012 that his firm, Pershing Square Capital Management LP, had made a $1 billion bet against Los Angeles-based Herbalife.