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Private equity funds not accountable for pension withdrawal liabilities

‘Partnership-in-fact’ not formed, panel says

Two private equity funds that co-owned a manufacturer that went bankrupt were not responsible for pension fund withdrawal liability the company incurred at the time of its bankruptcy, the 1st U.S. Circuit Court of Appeals has found. Plaintiffs Sun Capital Partners III, LP (Sun Fund III) and Sun Capital Partners IV, LP (Sun Fund IV), held ...

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