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

Law360, New York (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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.