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Private Equity Investment Funds, Beware!
On March 28, 2016, the United States District Court for the District of Massachusetts released a controversial opinion that could have a chilling effect on private equity funds considering whether to invest in companies with pension obligations. The court granted the New England Teamsters and Trucking Industry Pension Fund's (Teamsters) Motion for Summary Judgment against Sun Capital Partners III, LP and Sun Capital Partners IV, LLP (Sun), holding that the Sun Funds were liable for the debtor's withdrawal liability under the federal Employment Retirement Income Security Act (ERISA) and the Multiemployer Pension Plan Amendments Act (MPPAA). Sun Capital Partners III, LP v. New Eng. Teamsters & Truckers Indus. Pension Fund, 2016 WL 1239918 (D. Mass., Mar. 28, 2016).
ERISA/MPPAA
Under ERISA and MPPAA, affiliated organizations can be liable for participating employer's pension obligations, including the responsibility for payment of withdrawal liability when a plan terminates or an employer withdraws from a multiemployer plan. In order to be liable for withdrawal liability, the affiliated entity must be a partnership or joint venture that is: 1) considered a trade or business; and 2) under common control with the obligated employer.
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Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Removing Restrictive Covenants In New York
In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.