News & Analysis as of

Partnerships Employee Retirement Income Security Act (ERISA)

Holland & Knight LLP

Private Investment Funds Not Liable for Portfolio Company's Pension Withdrawal Liability

Holland & Knight LLP on

The U.S. Court of Appeals for the First Circuit has held in Sun Capital Partners III, LP v. New England Teamsters & Trucking Industry Pension Fund that two Sun Capital Funds were not under common control with Scott Brass...more

White & Case LLP

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

White & Case LLP on

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

No Partnership, No Common Control, No Withdrawal Liability: Private Equity Funds Not Liable for Portfolio Company’s Multiemployer...

Seyfarth Shaw LLP on

Seyfarth Synopsis: The First Circuit reversed a district court’s ruling holding two Sun Capital private equity (PE) funds responsible for the withdrawal liability incurred by a bankrupt portfolio company. ...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

Ballard Spahr LLP

Investment Management Update

Ballard Spahr LLP on

Investment Adviser AXA Wins Excessive Fee Trial - A federal judge in New Jersey has ruled in favor of AXA Equitable Life Insurance Company (AXA Equitable) and its wholly owned subsidiary, AXA Equitable Funds Management...more

Cozen O'Connor

Do Fidelity Policies Issued to Individual Partners Provide Coverage for Theft of Partnership Earnings?

Cozen O'Connor on

The Eighth Circuit is set to decide this question in 3M Company, et al. v. National Union Fire Insurance Company of Pittsburgh, Pa., et al., Appeal No. 15-3495. The answer will likely determine whether a blanket crime policy...more

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