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Seventh Circuit Determines Solvent Companies Responsible for Withdrawal Liability of an Insolvent Affiliate
401k Fiduciary News [Guidance Overview] Jan. 10, 2012 "Under ERISA, for purposes of computing withdrawal liability, all 'trades or businesses' under 'common control' are treated as constituting a single employer. Each such trade or business is jointly and severally liable for any withdrawal liability of any other. The district court held here that the solvent MCRI and MCOF were both trades or businesses that were under common control with insolvent SCOFBP at the relevant times, so that both MCRI and MCOF are liable for SCOFBP's withdrawal liability." |
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