SACKLER Act
- Last Action
- 9/18/2023
Actions
- 2023-09-18Read twice and referred to the Committee on the Judiciary.
- 2023-09-18Introduced in Senate
CRS Summary
As of 2023-09-18 (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 (2)
- Elizabeth Warren (D-MA)
- Peter Welch (D-VT)
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.