S 2472 117th Congress Senate Finance and Financial Sector Bankruptcy Corporate finance and management Judicial procedure and administration Specialized courts

SACKLER Act

Introduced: July 26, 2021 Introduced by: Blumenthal, Richard Democratic · Connecticut See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jul 26, 2021

Read twice and referred to the Committee on the Judiciary.

Jul 26, 2021

Introduced in Senate

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Plain-English summary Congressional Research Service

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).

What's happening now July 26, 2021

Read twice and referred to the Committee on the Judiciary.

Related & companion bills 1

Bill text 1 version