A recent decision by the U.S. District Court of Massachusetts specifically rejects the 2007 Pension Benefit Guaranty Corporation opinion that private equity funds can be a "trade or business" potentially subject to joint and several liability for a portfolio company's unfunded pension liabilities.
http://www.jdsupra.com/legalnews/recent-case-suggests-how-private-equity-16640/
http://www.jdsupra.com/legalnews/recent-case-suggests-how-private-equity-16640/
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