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VALEANT PHARMACEUTICALS INTERN. v. JERNEY

C.A. No. 19947.

921 A.2d 732 (2007)

VALEANT PHARMACEUTICALS INTERNATIONAL, Plaintiff, v. Adam JERNEY, Defendant.

Court of Chancery of Delaware, New Castle County.

Decided: March 1, 2007.

Attorney(s) appearing for the Case

Michael Hanrahan, Gary F. Traynor, Paul A. Fioravanti, Jr., Laina M. Herbert, Prickett, Jones & Elliott, P.A., Wilmington, DE, for the Plaintiff.

Jesse A. Finkelstein, Srinivas M. Raju, Brock E. Czeschin, Richards, Layton & Finger, P.A., Wilmington, DE; Pierce O'Donnell, O'Donnell & Associates, P.C., Los Angeles, CA, for the Defendant.

OPINION

LAMB, Vice Chancellor.

In this post-trial opinion, the court renders judgment on the claims asserted against Adam Jerney, a former director and president of ICN Pharmaceuticals, Inc. (now known a Valeant Pharmaceuticals International). Jerney was sued, together with Milan Panic, ICN's former Chairman and CEO, and other members of the former ICN board of directors, for claims arising out of their unanimous collective decision to pay large cash...

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