What does this mean for the reputation/Rankings etc of the Business School?

I doubt it has any impact on rankings in the short term. Hult has a pretty unique business model, marketing often to people who just don't know the MBA scene very well and aggressively using discounts and time-pressure tactics. The school's reputation is much lower overall than traditional non-profit business schools, which are generally research driven and part of notable universities which would not end up in this sort of trouble. It's usually only edgy, profit-minded schools like IE, GISMA, Grenoble that would expose themselves to a risk like this. 

I think that, their recruiting tactics notwithstanding,  Hult's been working hard to build their reputation in the past years. This will be a blow to those efforts. I'm guessing this may be problematic when they're up for evaluation by the accreditation organizations.