Michael F. Connolly, Co-Chair of the firm’s Litigation Department, was quoted in a Massachusetts Lawyers Weekly article on Dec. 5, 2019 regarding two private equity funds that co-owned a manufacturer that went bankrupt. The article, “Private equity funds not accountable for pension withdrawal liabilities” questions if whether or not a pair of private equity funds that co-owned a manufacturer that went bankrupt is responsible for pension fund withdrawal liability owed by the company at the time of its bankruptcy.
From the article:
Michael F. Connolly, a business litigator in Boston, agreed that the decision would have significance in the private equity sphere, giving guidance to corporate finance lawyers seeking to make sure investment funds are separate and distinct.
More broadly, he said, “the decision certainly suggests that the government agency responsible for pension liability should address situations like this to provide more clarity and not have situations where cases go up to the federal court of appeals twice.
Read the full article on Massachusetts Lawyers Weekly (subscriber content).