IP Atty Loses Pyramid-Scheme Case Against Icahn, Top Banks

Law360, Los Angeles (January 21, 2014, 8:46 PM EST) -- A New York federal judge has dismissed an intellectual property attorney’s suits against several banking giants and activist investor Carl Icahn over their loans to Herbalife Ltd., ruling the attorney knew his risk in investing in the alleged pyramid scheme, according to a decision filed Tuesday.

U.S. District Judge Louis L. Stanton ruled Friday that the defendant banks’ actions in lending to Herbalife were not directly correlated with attorney Daniel Ravicher’s complaint that Herbalife is being fraudulently sustained by outside lenders rather than actual business success,...
To view the full article, register now.