Keyword Analysis & Research: sackler act

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What is the Sackler Act and how does it work?

On March 19, 2021, Chairwoman Maloney and senior Committee Member Rep. Mark DeSaulnier introduced the SACKLER Act, which closes a loophole in bankruptcy law by preventing individuals who have not filed for bankruptcy from obtaining releases from lawsuits brought by states, Tribes, municipalities, or the U.S. government in bankruptcy.

Why did the DOJ file a lawsuit against the Sacklers?

The DOJ filed two legal briefs condemning the release from liability provided to the Sacklers and their associates in the bankruptcy deal on constitutional grounds, arguing that people with potential claims against the Sacklers would be deprived of their right to due process without legal review or compensation.

Why is the US Bankruptcy Trustee opposed to Sackler's Settlement Plan?

“If the release fails to do that, we will not support it.” The US bankruptcy trustee, nine states and the District of Columbia are objecting to the company’s settlement plan largely because it would grant legal protection to members of the Sackler family even though none are declaring bankruptcy themselves.

What did the Sackler family do wrong?

The Department of Justice (DOJ) alleged in 2020 that the Sacklers committed “fraudulent transfer” as part of a scheme to “hinder future creditors,” and the family settled these allegations to the tune of $225 million while denying any wrongdoing in that case as well.

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