Yellow Shareholder Objects to Pension Fund’s $75 Million Claim

MFN Partners LP, Yellow Corp.'s largest shareholder, urged a bankruptcy court to expunge a multiemployer pension fund’s $75 million claim against the shuttered trucking company, saying it lacks grounds to assert a liquidated claim for plan withdrawal liability.

The New York State Teamsters Conference Pension and Retirement Fund is unable to sustain a claim against Yellow for violating the Employee Retirement Income and Security Act because the fund hadn’t filed an enforcement action under the federal benefits law, the Boston-based investment firm told the US Bankruptcy Court for the District of Delaware.

Without a pre-bankruptcy legal action to assert pension ...