The House Judiciary Committee voted to advance a bill aimed at overhauling the corporate bankruptcy system in the wake of public outcry over the Purdue Pharma LP and Johnson & Johnson cases.
The committee approved the Nondebtor Release Prohibition Act (H.R. 4777) on a 23-17 vote Wednesday, sending the bill to the House floor. All Republicans on the committee voted against the Democrat-supported measure, with one abstention.
A companion bill (S. 2497) was introduced in the Senate by Sen. Elizabeth Warren (D-Mass.).
Rep. Jerrold Nadler (D-N.Y.) introduced H.R. 4777 just weeks before a bankruptcy judge in ...
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