An expert Q&A with Jeffrey Ross of Fried, Frank, Harris, Shriver & Jacobson LLP on the US District Court for the District of Massachusetts's recent holding in Sun Capital Partners III, LP v. New England Teamsters & Trucking Industry Pension Fund, that private equity funds were not a “trade or business” and therefore were not jointly and severally liable under the Employee Retirement Income Security Act of 1974 (ERISA) as members of the same controlled group as one of their portfolio companies.