Ackman Pares Down $1B Herbalife Bet, Books Losses

Law360, New York (October 3, 2013, 10:54 AM EDT) -- Activist Bill Ackman told investors Wednesday he had shrunk his $1 billion bet that Herbalife Ltd., the health supplement distributor he insists is a pyramid scheme, will tank.

Ackman, who heads New York-based hedge fund Pershing Square Capital LP, said he had cut more than 40 percent of the hedge fund’s exposure, booking paper losses of hundreds of millions of dollars. The restructuring includes swapping short bets today for the option to make similar bets in the future — when, Ackman hopes, his warnings about Herbalife...
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