Yellow Corporation Settles Pension Claims for $1.4B

Yellow Corporation, a bankrupt trucking giant, reaches a settlement with pension plans over $7.4 billion in claims. The agreement seeks approval for about $1.4 billion, with a significant portion owed to the Central States Pension Fund. Despite Yellows appeal, the U.S. Court of Appeals upheld a previous decision, stating that the American Rescue Plan lawfully gave the Pension Benefit Guaranty Corporation authority to set guidelines for bailout money use. The settlement comes after two years of legal battles and is necessary to prevent further costly litigation, as the estates assets continue to shrink.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.