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Pharma Exec To Pay $20M Over Illegal Bonus

Law360 (August 7, 2006, 12:00 AM EDT) -- The curtain may have closed in the drama between Valeant Pharmaceuticals International and its controversial former CEO, after the drug company announced on Thursday that it had settled its lawsuit against Milan Panic for $20 million.

Valeant, formerly known as ICN Pharmaceuticals Inc., sued Panic and other top executives in 2003 to recover $48 million in what it claimed to be unfair bonuses.

Panic, who founded ICN in 1959, earned $63.5 million in 2002, including a whopping $33 million in bonuses.

After Panic was ousted in...
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