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April 06, 1993|From Times Staff and Wire Reports

ICN Sues Rafi M. Khan: ICN Pharmaceuticals Inc. sued the Beverly Hills stockbroker who launched a bid last week to topple Chairman Milan Panic and the eight-member board of directors. The lawsuit alleges that Khan violated federal securities laws and breached his fiduciary responsibilities by using inside information to launch his bid for control of the pharmaceuticals giant based in Costa Mesa. Panic, former Yugoslav prime minister, founded the company 30 years ago. "I totally reject all the accusations," said Kahn, adding that he considers the lawsuit Panic's attempt to keep shareholders from deciding how the company should be managed. The lawsuit, filed in U.S. District Court in New York, seeks to stop Kahn's effort to oust the board and for damages of at least $25 million.

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