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...
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