Penske Wins Refund of $9.5M Paid to Pension Plan, Again

Penske Logistics LLC is entitled to a refund of more than $9.5 million from a multiemployer pension fund that tried to hold the transportation services company liable for the obligations of a former subsidiary.

Judge Richard D. Bennett of the U.S. District Court for the District of Maryland affirmed an arbitrator’s determination 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 Fund, ...