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News >  Business

Herbalife OKs deal in class-action lawsuit

From Wire Reports

LOS ANGELES – Herbalife says it has agreed to settle a lawsuit that claimed the company’s business structure and marketing practices violated federal and state laws.

The weight loss and nutritional supplements company did not elaborate in its statement Friday on the terms of the proposed settlement in the class-action case.

The lawsuit was filed in April 2013 in a California federal court by a former salesman.

Herbalife Ltd. maintains it hasn’t done anything wrong and the lawsuit is meritless.

The company also has been defending itself against activist investor Bill Ackman, who runs Pershing Square Capital Management. Ackman has bet heavily against the company’s stock, describing Herbalife as a pyramid scheme.

AIG will pay N.Y. $35M over licensing claims

ALBANY, N.Y. – Insurance company American International Group Inc. has agreed to pay New York state $35 million to settle claims that two former subsidiaries did business without licenses and misled regulators about their operations in the state.

The deal was announced Friday by the state Department of Financial Services. It comes after a $60 million settlement in March with MetLife, which purchased the subsidiaries from AIG.

Authorities had alleged subsidiaries American Life Insurance Co. and Delaware American Life Insurance Co. sought customers in New York without licenses and without telling regulators.

Microsoft promises new Office for Macs

SAN FRANCISCO – After a long wait, Microsoft says it plans to release a new version of its popular Office software package for Mac computers – but not until next year.

Microsoft did release one component, the Outlook email program, through the company’s Office 365 subscription service, which costs $100 a year.

Microsoft says it has been concentrating on producing Office versions for smartphones and tablets first.

Sun-Times sells dailies, weeklies to Tribune

CHICAGO – The parent company of the Chicago Sun-Times has sold six daily newspapers and 32 weekly publications to Tribune Publishing Co.

In announcing the deal Friday, Tribune executives said the suburban Chicago newspapers will help the company expand its “hyper local” news content and diversify its revenue sources.

Terms of the deal with Sun-Times owner Wrapports LLC were not disclosed.

Wrapports said the sale would allow it to focus on a new digital initiative called the Sun-Times Network, which launched Friday. It centers on a mobile news app tailored to local audiences in 70 U.S. cities.

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