Warren Bill Presents Powerful Headwinds For Private Equity

Law360 (November 20, 2019, 2:34 PM EST) -- Sen. Elizabeth Warren, D-Mass., along with several other Senate Democrats, have introduced the Stop Wall Street Looting Act of 2019. The bill is intended to be a comprehensive reform of the private equity industry in the wake of several high-profile bankruptcies, including that of Toys "R" Us Inc., which left thousands of former employees without jobs.

This proposed legislation would dramatically impact the private equity industry, most notably by holding private equity funds and certain other parties related to the funds jointly and severally liable for all debt incurred by controlled portfolio companies. The result would be to limit portfolio companies’...

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