November 22, 2019 / 11:32 PM / 2 months ago

Private equity funds not liable for company's pension fund withdrawal - 1st Circuit

Two private equity funds are not on the hook for $4.5 million in pension contributions owed by a brass manufacturer they own when it filed for bankruptcy, a U.S. appeals court said on Friday.

A unanimous three-judge panel of the 1st U.S. Circuit Court of Appeals said Sun Capital Partners III and Sun Capital Partners IV, which are owned by the same private equity firm but have different investors and investments, did not create a “partnership in fact” under the Multiemployer Pension Plan Amendments Act of 1980 (MPPAA) when they jointly purchased Scott Brass Inc.

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