Legis Daily

SACKLER Act

USA117th CongressS-2472| Senate 
| Updated: 7/26/2021
Richard Blumenthal

Richard Blumenthal

Democratic Senator

Connecticut

Cosponsors (1)
Elizabeth Warren (Democratic)

Judiciary Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Stop shielding Assets from Corporate Known Liability by Eliminating non-debtor Releases Act or the SACKLER Act This bill prohibits a bankruptcy court from releasing claims against non-debtors brought by states, tribes, municipalities, or the federal government. However, the bankruptcy court may issue a stay not exceeding 90 days regarding such a claim. Complex bankruptcies may involve creditor claims against non-debtors associated with the debtor, such as the debtor's officers, directors, or employees. Currently, in carrying out a bankruptcy plan, certain courts may release non-debtors from liability (there is a circuit split regarding this practice).
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Timeline
Jul 26, 2021
Introduced in Senate
Jul 26, 2021
Read twice and referred to the Committee on the Judiciary.
Oct 19, 2021

Latest Companion Bill Action

HR 117-2096
Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.
  • July 26, 2021
    Introduced in Senate


  • July 26, 2021
    Read twice and referred to the Committee on the Judiciary.


  • October 19, 2021

    Latest Companion Bill Action

    HR 117-2096
    Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.

Finance and Financial Sector

Related Bills

  • HR 117-2096: SACKLER Act
BankruptcyCorporate finance and managementJudicial procedure and administrationSpecialized courts

SACKLER Act

USA117th CongressS-2472| Senate 
| Updated: 7/26/2021
Stop shielding Assets from Corporate Known Liability by Eliminating non-debtor Releases Act or the SACKLER Act This bill prohibits a bankruptcy court from releasing claims against non-debtors brought by states, tribes, municipalities, or the federal government. However, the bankruptcy court may issue a stay not exceeding 90 days regarding such a claim. Complex bankruptcies may involve creditor claims against non-debtors associated with the debtor, such as the debtor's officers, directors, or employees. Currently, in carrying out a bankruptcy plan, certain courts may release non-debtors from liability (there is a circuit split regarding this practice).
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Jul 26, 2021
Introduced in Senate
Jul 26, 2021
Read twice and referred to the Committee on the Judiciary.
Oct 19, 2021

Latest Companion Bill Action

HR 117-2096
Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.
  • July 26, 2021
    Introduced in Senate


  • July 26, 2021
    Read twice and referred to the Committee on the Judiciary.


  • October 19, 2021

    Latest Companion Bill Action

    HR 117-2096
    Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.
Richard Blumenthal

Richard Blumenthal

Democratic Senator

Connecticut

Cosponsors (1)
Elizabeth Warren (Democratic)

Judiciary Committee

Finance and Financial Sector

Related Bills

  • HR 117-2096: SACKLER Act
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
BankruptcyCorporate finance and managementJudicial procedure and administrationSpecialized courts