S 2831
118th Congress
Senate
Finance and Financial Sector
SACKLER Act
Introduced: September 18, 2023
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
Sep 18, 2023
Read twice and referred to the Committee on the Judiciary.
Sep 18, 2023
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