MFN, Yellow Ask Supreme Court to Review Pension Liability Ruling

Bankrupt Yellow Corp. and its largest shareholder asked the US Supreme Court to weigh in on a dispute about how federal regulators calculate pension withdrawal liability, arguing that an appellate ruling allowed unlawful agency overreach.

Yellow and MFN Partners are challenging a Third Circuit decision from September 2025 that upheld regulations by the Pension Benefit Guaranty Corp. on how multiemployer pension plans calculate “unfunded vested benefits,” which determine how much an employer must pay when exiting an underfunded pension plan.

The petition, filed Feb. 13, comes nearly a month after the Delaware judge overseeing the fallen freight carrier’s bankruptcy indicated ...