Trustees Kicked From Herbalife Founder's $330M Estate
Law360, Los Angeles (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'...
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