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 hours ago
