"Technically, the Sun Capital Partners appellate decisions are precedent only in the First Circuit ... Private equity funds may still argue that different standards should apply in other circuits. However, another court reviewing these same issues ... could follow the Sun Capital Partners analysis. It is also possible that the Supreme Court will decide to review the threshold 'trade or business' issue if there is a split among the circuits in subsequent decisions. But private equity funds can't count on that. What steps can private equity funds take to protect themselves?" [Sun Capital Partners III, LP v. New England Teamsters & Trucking Industry Pension Fund, Nos. 16-1376, 19-1002 (1st Cir. Nov. 22, 2019; cert. pet. denied Oct. 5, 2020)]  MORE >>