Herbalife To Give Icahn 3 More Board Seats

Law360, New York (March 24, 2014, 1:52 PM EDT) -- Herbalife Ltd. said Monday that it had agreed to amend its agreement with Icahn Enterprises Holdings LP in order to allow three additional Carl Icahn-recommended nominees to be appointed to the company's board of directors.

Herbalife, which has been under fire from the Federal Trade Commission since earlier this month after several accusations that the company was operating a pyramid scheme, had awarded the billionaire activist investor two board seats in February 2013.

Icahn, who owns a 16.8 percent stake in Herbalife, subsequently pushed for more,...
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