"The First Circuit's reversal of the latest District Court opinion in Sun Capital Partners is a welcome decision that overturns the District Court's arguably overbroad application of the aggregation and liability rules as applied in the ERISA context. The most recent Sun Capital Partners decision also provides some potentially significant guidance on when funds within the same fund family might indeed effectively be aggregated notwithstanding that neither fund individually owns 80% or more of the underlying company. However, fund sponsors should keep in mind that the First Circuit's initial 'trade or business' decision remains in effect." [Sun Capital Partners III, LP v. New England Teamsters & Trucking Industry Pension Fund, Nos. 16-1376, 19-1002 (1st Cir. Nov. 22, 2019)]  MORE >>