SACKLER Act
- Last Action
- 10/19/2021
Actions
- 2021-10-19Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.
- 2021-04-16Sponsor introductory remarks on measure. (CR H1879)
- 2021-03-19Referred to the House Committee on the Judiciary.
- 2021-03-19Introduced in House
- 2021-03-19Introduced in House
CRS Summary
As of 2021-03-19 (00)
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).
Cosponsors (20)
- Mark DeSaulnier (D-CA)
- Katherine Clark (D-MA)
- Ann Kuster (D-NH)
- Alexandria Ocasio-Cortez (D-NY)
- Ayanna Pressley (D-MA)
- Rashida Tlaib (D-MI)
- ELEANOR NORTON (D-DC)
- Stephen Lynch (D-MA)
- JAMES MCGOVERN (D-MA)
- ROSA DELAURO (D-CT)
- Ritchie Torres (D-NY)
- Cori Bush (D-MO)
- Gerald Connolly (D-VA)
- Peter Welch (D-VT)
- JAMES COOPER (D-TN)
- Charlie Crist (D-FL)
- Jahana Hayes (D-CT)
- Jimmy Gomez (D-CA)
- Ro Khanna (D-CA)
- JANICE SCHAKOWSKY (D-IL)
Subjects
- Bankruptcy
- Corporate finance and management
- Judicial procedure and administration
- Specialized courts
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.