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First Circuit Concludes Private Equity Fund Can Be Liable for Pension Obligations of Portfolio Companies (PDF)
Fried Frank July 28, 2013 "[This] decision ... leaves several unresolved issues, but clearly states that where a private equity fund and its affiliated general partner or manager is significantly involved in the operation and management of a portfolio company, or realizes benefits beyond those of a passive investor through its relationship with a portfolio company, the private equity fund itself may become subject to the portfolio company's Title IV liabilities." [Sun Capital Partners III, LP v. New England Teamsters & Trucking Industry Pension Fund, No. 12-2312 (1st Cir. July 24, 2013)] |
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