Penske Again Beats Appeal Over $9.5 Million Pension Fund Bill

July 7, 2020, 5:46 PM

Penske Logistics LLC once again won its lawsuit seeking a refund of about $9.6 million in pension plan withdrawal liability it paid in connection with a company it sold in 2004, according to a Tuesday ruling by the U.S. Court of Appeals for the Fourth Circuit.

The court’s unpublished decision affirmed a ruling that Penske no longer had a controlling interest in Leaseway Transportation Corp. at the time of Leaseway’s partial withdrawals from the pension plan. Penske is therefore entitled to a refund of the withdrawal liability it paid to the Freight Drivers and Helpers Local Union No. 557 Pension...

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