1 hr. ago
Defunct Yellow Corp. has reached settlement agreements with four multiemployer pension plans totaling up to $526 million to resolve remaining withdrawal liability claims. The deals are supported by its largest shareholder, MFN Partners, and would bring an end to a legal battle that began shortly after the less-than-truckload carrier filed for bankruptcy in August 2023.
(Yellow previously agreed to terms with most of the MEPPs it once contributed to on behalf of employees.)
New York State Teamsters Conference Pension and Retirement Fund, Western Conference of Teamsters Pension Trust Fund, and Western Pennsylvania Teamsters and Employers Pension Fund would receive the bulk of the funds. New York Teamsters are seeking approval for a $300 million claim.
A federal bankruptcy court in Delaware has been asked to approve the plan, which "will bring the current multi-year long MEPP litigation in these cases to an end … thus allowing the Liquidating Trust to begin making meaningful distributions to general unsecured claimants."
As part of the deal, MFN has agreed to drop its pending appeals and will waive its right to file certain legal fees and expenses.
#teamsters #conference #western
(Yellow previously agreed to terms with most of the MEPPs it once contributed to on behalf of employees.)
New York State Teamsters Conference Pension and Retirement Fund, Western Conference of Teamsters Pension Trust Fund, and Western Pennsylvania Teamsters and Employers Pension Fund would receive the bulk of the funds. New York Teamsters are seeking approval for a $300 million claim.
A federal bankruptcy court in Delaware has been asked to approve the plan, which "will bring the current multi-year long MEPP litigation in these cases to an end … thus allowing the Liquidating Trust to begin making meaningful distributions to general unsecured claimants."
As part of the deal, MFN has agreed to drop its pending appeals and will waive its right to file certain legal fees and expenses.
#teamsters #conference #western
2 months ago
ArcBest announced a restructuring Thursday that will reduce its workforce by approximately 2%. It will also consolidate some less-than-truckload terminals, shedding roughly 1% of the doors from its network.
The Fort Smith, Arkansas-based transportation and logistics provider has over 14,000 employees.
"The reductions include employee separations, the elimination of certain open positions, and the non-replacement of certain positions vacated through retirements and other attrition," a filing with the Securities and Exchange Commission said.
Its LTL business, ABF Freight, operates approximately 240 terminals with 9,600 doors. The filing said it would close 10 locations in small markets. The affected operations will be rolled into other nearby service centers. This change of operations has to be approved by the Teamsters per the National Master Freight Agreement.
ArcBest (NASDAQ: ARCB) also said it is placing the MoLo Solutions, Panther Premium Logistics and ArcBest Technologies brands under the ArcBest banner. The company will retire the MoLo (truckload brokerage) and Panther (ground expedite services) brands.
The Fort Smith, Arkansas-based transportation and logistics provider has over 14,000 employees.
"The reductions include employee separations, the elimination of certain open positions, and the non-replacement of certain positions vacated through retirements and other attrition," a filing with the Securities and Exchange Commission said.
Its LTL business, ABF Freight, operates approximately 240 terminals with 9,600 doors. The filing said it would close 10 locations in small markets. The affected operations will be rolled into other nearby service centers. This change of operations has to be approved by the Teamsters per the National Master Freight Agreement.
ArcBest (NASDAQ: ARCB) also said it is placing the MoLo Solutions, Panther Premium Logistics and ArcBest Technologies brands under the ArcBest banner. The company will retire the MoLo (truckload brokerage) and Panther (ground expedite services) brands.
3 months ago
The Teamsters unanimously passed a resolution at its international convention in Las Vegas this week instructing leadership to challenge United Parcel Service for violating the 2023 collective bargaining agreement by outsourcing delivery work to nonunion subcontractors, marking the latest effort to constrain the employer's freedom to cut costs and reorganize operations.
The union represent about 330,000 UPS workers, including about 100,000 delivery van and truck drivers.
The campaign to target UPS (NYSE: UPS) subsidiary Roadie is part of a broader effort to contest a series of alleged contract violations by UPS, the union said in a post on X. The union claims the 2023 contract prohibits UPS from funneling tasks that are the sole domain of union workers to companies that use gig workers.
In November, the Teamsters publicly complained on social media that UPS was improperly diverting parcel deliveries to Roadie, which relies on lower-paid gig workers for final-mile delivery. Officials said Roadie uses UPS labels, tracking and equipment, proving Roadie is taking work from Teamster drivers.
"Over the past four years, UPS has been scaling Roadie's operations nationwide. Dozens of Roadie distribution centers and cross-dock facilities have popped up. UPS wants more individual users on the Roadie app because the package giant is desperate to weaken the leverage, power, and solidarity of its existing Teamsters workforce," the Teamsters claimed in its "Just Cause" Substack column in January.
The union represent about 330,000 UPS workers, including about 100,000 delivery van and truck drivers.
The campaign to target UPS (NYSE: UPS) subsidiary Roadie is part of a broader effort to contest a series of alleged contract violations by UPS, the union said in a post on X. The union claims the 2023 contract prohibits UPS from funneling tasks that are the sole domain of union workers to companies that use gig workers.
In November, the Teamsters publicly complained on social media that UPS was improperly diverting parcel deliveries to Roadie, which relies on lower-paid gig workers for final-mile delivery. Officials said Roadie uses UPS labels, tracking and equipment, proving Roadie is taking work from Teamster drivers.
"Over the past four years, UPS has been scaling Roadie's operations nationwide. Dozens of Roadie distribution centers and cross-dock facilities have popped up. UPS wants more individual users on the Roadie app because the package giant is desperate to weaken the leverage, power, and solidarity of its existing Teamsters workforce," the Teamsters claimed in its "Just Cause" Substack column in January.
