Pension Fund Tells 1st Circ. PE Cos. Are Businesses

By Gavin Broady (May 14, 2013, 2:28 PM EDT) -- A pension fund told the First Circuit on Friday that Sun Capital Partners is a trade or business under the Employee Retirement Security Income Act and can't hide behind its investment firm status to avoid liability for $4.5 million allegedly owed by a bankrupt portfolio company.

The New England Teamsters & Trucking Industry Pension Fund urged the appeals court to overturn a Massachusetts federal judge's October order finding two Sun Capital funds exempt from liability for the debt of bankrupt brass and copper coil manufacturer Scott Brass Inc. on the grounds that the advisers are not trades or business under ERISA....

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!