Trustees Kicked From Herbalife Founder's $330M Estate
By Ciaran McEvoy (March 21, 2013, 4:00 PM EDT) -- A California judge on Monday ordered the removal of three trustees overseeing the $330 million trust of Herbalife International of America Inc.'s founder, ruling they botched the sale of 157 acres of land in the Santa Monica Mountains and exposed the trust to millions in litigation costs.
Los Angeles Superior Court Judge Mitchell L. Beckloff ordered attorney Conrad Lee Klein, Herbalife executive Christopher Pair and Jack Reynolds, Herbalife founder Mark R. Hughes' father, removed from their duties of running the hefty estate because of the land sale to a financially-troubled business partner who later declared bankruptcy.
Judge Beckloff criticized the trustees'...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!