By Ira Bogner, Ira Golub, Adam Scoll, Anthony Cacace and Justin Alex (November 7, 2017, 2:29 PM EST) -- In light of the recent decisions by the U.S. Court of Appeals for the First Circuit and the U.S. District Court for the District of Massachusetts in Sun Capital, private investment funds, multiemployer pension funds and the Pension Benefit Guaranty Corp. have begun to scrutinize further the circumstances under which private investment funds may be held jointly and severally liable for the pension liabilities of their portfolio companies. A complaint filed by Trilantic Capital Partners recently in the U.S. District Court for the Southern District of New York shows that multiemployer pension funds and the PBGC are continuing to pursue a strategy of asserting controlled group liability claims against private investment funds, and previews some of the facts that private investment funds may try to use to rebut those arguments.[1] The complaint seeks a declaratory judgment holding that Trilantic is not in the "controlled group" of one of its portfolio companies, Angelica Corp., because Trilantic is not a "trade or business" under "common control" with Angelica, and that Trilantic is not liable for Angelica's withdrawal liability or pension termination liability....