PE Funds Are Not Part of Controlled Group; What About Your Company?
By EsqSocial Corporation 19/10/20
Earlier this month, the U.S. Supreme Court denied a request to review the First Circuit Court of Appeals decision in the Sun Capital Partners III, LP v. New England Teamsters and Trucking Industry Pension Fund case, thereby confirming the Appeals Court’s decision that the two separate Sun Capital private equity funds were not under common control with a portfolio company and therefore were not a controlled group as defined in Code Section 414. As a result of the decision, neither fund is liable...
By: Dickinson Wright