1st Circ. Ruling Clarifies PE Fund Pension Withdrawal Liability

Law360 (February 5, 2020, 4:08 PM EST) -- For nearly a decade, two Sun Capital Partners Inc. private equity funds have been battling a New England pension fund on whether the funds should be liable for the pension plan withdrawal liability of a defunct portfolio company in which the two Sun Capital funds were collectively 100% owners.

The case began in 2010 when the New England Teamsters and Trucking Industry Pension Fund’s multiemployer pension plan sued the Sun Capital funds for the unpaid withdrawal liability of their portfolio company, Scott Brass Inc., after SBI filed for bankruptcy and withdrew from participation in the pension plan.

In the most recent turn of...

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