Last Friday, the U.S. Court of Appeals for the First Circuit ruled that two co-investing Sun Capital private equity funds (the Sun Funds) had not created an implied “partnership-in-fact” for purposes of determining whether...more
12/2/2019
/ Commercial Bankruptcy ,
Controlled Groups ,
Employee Retirement Income Security Act (ERISA) ,
Joint and Several Liability ,
Multiemployer Plan ,
Partnership-in-Fact ,
PBGC ,
Pensions ,
Portfolio Companies ,
Private Equity Funds ,
Sun Capital Partners ,
Withdrawal Liability
In light of the recent decisions by the U.S. Court of Appeals for the First Circuit and the U.S. District Court for the District of Massachusetts in Sun Capital, private investment funds, multiemployer pension funds and the...more
10/26/2017
/ Controlled Groups ,
Employee Retirement Income Security Act (ERISA) ,
Investment Portfolios ,
Joint and Several Liability ,
Limited Partnership Agreements ,
Multiemployer Plan ,
PBGC ,
Pensions ,
Private Equity Funds ,
Sun Capital Partners ,
Withdrawal Liability
On April 6, 2016, the U.S. Department of Labor (DOL) issued its highly anticipated final rule addressing when a person is considered to be a fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA) and the...more
7/20/2016
/ Benefit Plan Sponsors ,
Best Interest Contract Exemptions ,
Conflicts of Interest ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Exclusions ,
Fees ,
Fiduciary Duty ,
Financial Institutions ,
Fund Managers ,
Individual Retirement Account (IRA) ,
Internal Revenue Code (IRC) ,
Investment Adviser ,
Pensions ,
Private Investment Funds ,
PTEs ,
Retirement Plan ,
Retirement Plan Providers
District Court finds affiliated funds acted in de facto partnership which controlled portfolio company; Decision may be significant in making private equity acquisition structuring choices.
As we previously reported, in...more
4/6/2016
/ Commercial Bankruptcy ,
Controlled Groups ,
Employee Retirement Income Security Act (ERISA) ,
Investment Portfolios ,
Joint and Several Liability ,
Joint Venture ,
Limited Partnership Agreements ,
Multiemployer Plan ,
PBGC ,
Pensions ,
Private Equity Funds ,
Sun Capital Partners ,
Withdrawal Liability
On September 19, 2014, the Internal Revenue Service ("IRS") released additional final regulations clarifying the rules regarding hybrid defined benefit pension plans. At the same time, the IRS also issued proposed regulations...more
There are few sure things in life, and although it is probably safe to say that ERISA disclosure regulations would not be considered one of them, there has certainly been a steady stream of new ERISA-related disclosure and...more
On July 24, 2013, the U.S. Court of Appeals for the First Circuit ruled in Sun Capital Partners III, LP v. New England Teamsters and Trucking Industry Pension Fund (No. 12-2312, 2013 WL 3814984) that a private equity...more