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
Plain-English summary
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
Read twice and referred to the Committee on the Judiciary.
Committees of jurisdiction
1
Cosponsors
1