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....
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