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Valeant Pharmaceuticals International v. Jerney
Citation:921 A.2d 732 (Del. 2007)
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*Case Brief Anatomy includes: Brief Prologue, Complete Case Brief, Brief Epilogue
- The Brief Prologue provides necessary case brief introductory information and includes:
- Topic: Identifies the topic of law and where this case fits within your course outline.
- Parties: Identifies the cast of characters involved in the case.
- Procedural Posture & History: Shares the case history with how lower courts have ruled on the matter.
- Case Key Terms, Acts, Doctrines, etc.: A case specific Legal Term Dictionary.
- Case Doctrines, Acts, Statutes, Amendments and Treatises: Identifies and Defines Legal Authority used in this case.
- The Case Brief is the complete case summarized and authored in the traditional Law School I.R.A.C. format. The Pro case brief includes:
- Brief Facts: A Synopsis of the Facts of the case.
- Rule of Law: Identifies the Legal Principle the Court used in deciding the case.
- Facts: What are the factual circumstances that gave rise to the civil or criminal case? What is the relationship of the Parties that are involved in the case. Review the Facts of this case here:
Valeant planned a spinoff company, which included an IPO for the new company. The board of directors determined it would award itself bonuses during the process. Panic was heavily involved in the process, and determined the board of directors bonus should total approximately $50 million. This issue was addressed by the company’s compensation committee, which was comprised entirely of the company’s board of directors. The committee did hire an outside group, Towers Perrin, who had already determined the bonuses were justified and, further, they were justified. Panic remained extensively involved in the process, ignoring advice of the company’s counsel, ultimately receiving $30 million in bonuses at the completion of the process. Jerney, who also voted in favor of the bonuses, received $3 million in bonuses, himself.
- Issue(s): Lists the Questions of Law that are raised by the Facts of the case.
- Holding: Shares the Court's answer to the legal questions raised in the issue.
- Concurring / Dissenting Opinions: Includes valuable concurring or dissenting opinions and their key points.
- Reasoning and Analysis: Identifies the chain of argument(s) which led the judges to rule as they did.
- The Brief Prologue closes the case brief with important forward-looking discussion and includes:
- Policy: Identifies the Policy if any that has been established by the case.
- Court Direction: Shares where the Court went from here for this case.