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  "documentTitle": "Herbalife, Ltd. (HLF)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2012-12-20 00:00:00",
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  "notes": "The slide serves as a legal appendix providing specific statutory references for the claims made in the deck regarding regulatory environments.",
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      "kind": "callout",
      "text": "States and non-U.S. jurisdictions regulate consumer protection and multi-level marketing",
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      "kind": "callout",
      "text": "Overlapping roles for Feds, States and non-U.S. gov'ts and private actions",
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      "text": "States have their own consumer-protection statutes, some known as 'Little FTC Acts' that track federal standards, and some providing private rights to sue\nMany States have specific laws against pyramid schemes\nNon-U.S. jurisdictions have consumer protection regimes that regulate pyramid schemes. Some bar MLMs",
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      "text": "Little FTC Acts: E.g., N.Y. Gen. Bus. Laws § 349; Tex. Bus. & Com. Code Ann. § 17.46(c); 815 Ill. Comp. Stat. Ann. 505/2. General consumer-protection statutes: E.g., California. Statutes with private rights of action: e.g., 815 Ill. Comp. Stat. Ann. 505/10a; Conn. Gen. Stat. Ann. § 41-100g; 73 PA Cons. Stat. Ann. § 201-9.2; Tex. Bus. & Com. Code Ann. § 17.50. For a compendium of state anti-pyramid laws, as of 1999, see U.S. v. Gold Unlimited, 177 F.3d 472, 483-84 (6th Cir. 1999). See F.T.C. v. Equinox International Corp. 1999 WL 1425373 (D. Nev. 1999), 1999-2 Trade Cases ¶ 72,704 (Index No. CV-S-99-0969). Canadian Competition Act, R.S.C. 1985, c. C-34 § 55.1 (penalties for ‘scheme of pyramid selling’); U.K. Fair Trading Act of 1973, c. 41, Part XI § 118 (prohibiting ‘trading scheme’ based upon introduction of other persons who become participants with prospect of payment for introducing other persons); People's Republic of China Ban of Operational Activities of Pyramid Sales (April 1998). India Ministry of Corporate Affairs has proposed (Disguised) Money Circulation Scheme (Banning) rules, 2012 (to curb pyramids conceived as MLMs).",
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