Private Equity Funds Can Be Responsible for Withdrawal Liability of Portfolio Companies: First Circuit | Practical Law
In Sun Capital Partners III, LP v. New England Teamsters & Trucking Industry Pension Fund, the US Court of Appeals for the First Circuit held that at least one of two private equity funds could be responsible for a portfolio company's withdrawal liability under ERISA where the fund was not merely a passive investor in the company but a "trade or business" under common control with the company.