News & Analysis as of

Investment Funds Joint and Several Liability

Latham & Watkins LLP

Viewpoints: Portfolio Company Pension Liabilities

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New York partner Bradd Williamson, Global Chair of Latham’s Benefits, Compensation & Employment Practice, and Chicago partner Robin Struve discuss Sun Capital Partners III, LP v. New England Teamsters & Trucking Industry...more

White & Case LLP

In Limited Ruling, Sun Funds Avoid Liability for Portfolio Company Pension Obligations

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First Circuit: Two affiliated funds did not form an implied partnership liable for pension obligations of a portfolio company, but private equity funds can still be subject to controlled group pension liability...more

Latham & Watkins LLP

Investment Funds: Sun Capital Reversal Offers Important Takeaways Regarding Portfolio Company Pension Liabilities

Latham & Watkins LLP on

The First Circuit reverses a lower court decision and finds two Sun Capital private equity funds are not liable for portfolio company’s pension plan liabilities under ERISA. On November 22, 2019, the United States Court of...more

Seyfarth Shaw LLP

First Circuit Rules That Private Equity Funds Are Not Responsible For Portfolio Company Withdrawal Liability

Seyfarth Shaw LLP on

Seyfarth Synopsis: In a long-awaited decision with significant impact for the private equity industry, in Sun Capital Partners III, LP v. New England Teamsters & Trucking Industry Pension Fund, the United States Court of...more

Skadden, Arps, Slate, Meagher & Flom LLP

Recent Sun Capital Decision Reverses Lower Court's Ruling That Funds Are Liable for a Portfolio Company's Withdrawal Liability

The First Circuit, however, disagreed with the lower court. Analyzing the multi-factor test for establishing partnership status under federal tax court precedent and noting the lack of other formal guidance from regulators or...more

Dechert LLP

Global Private Equity Newsletter - Fall 2018 Edition: EU General Court: Financial Investors Liable for Anticompetitive Conduct of...

Dechert LLP on

The General Court of the European Union recently held, in Goldman Sachs v. Commission, that purely financial investors such as investment funds may be held jointly and severally liable for competition law violations...more

King & Spalding

District Court Declines to Hold Private Equity Funds Liable for Portfolio Company Withdrawal Liability

King & Spalding on

In Sun Capital Partners III, LP v. New England Teamsters and Trucking Industry Pension Fund, a U.S. district court in Massachusetts held that investment funds managed by private equity firm Sun Capital Advisors, Inc. (“Sun...more

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