Legis Daily

SACKLER Act

USA118th CongressS-2831| Senate 
| Updated: 9/18/2023
Richard Blumenthal

Richard Blumenthal

Democratic Senator

Connecticut

Cosponsors (2)
Elizabeth Warren (Democratic)Peter Welch (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

Bill from Previous Congress

S 117-2472
SACKLER Act
Sep 18, 2023
Introduced in Senate
Sep 18, 2023
Read twice and referred to the Committee on the Judiciary.
  • Bill from Previous Congress

    S 117-2472
    SACKLER Act


  • September 18, 2023
    Introduced in Senate


  • September 18, 2023
    Read twice and referred to the Committee on the Judiciary.

Finance and Financial Sector

SACKLER Act

USA118th CongressS-2831| Senate 
| Updated: 9/18/2023
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

Bill from Previous Congress

S 117-2472
SACKLER Act
Sep 18, 2023
Introduced in Senate
Sep 18, 2023
Read twice and referred to the Committee on the Judiciary.
  • Bill from Previous Congress

    S 117-2472
    SACKLER Act


  • September 18, 2023
    Introduced in Senate


  • September 18, 2023
    Read twice and referred to the Committee on the Judiciary.
Richard Blumenthal

Richard Blumenthal

Democratic Senator

Connecticut

Cosponsors (2)
Elizabeth Warren (Democratic)Peter Welch (Democratic)

Judiciary Committee

Finance and Financial Sector

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted