Important Update on Yellow Corp Bankruptcy

As Yellow Corporation moves to liquidate its assets, the IBT is fighting for former Yellow Teamsters in court to recover vacation pay, grievance settlements, and other monetary claims. Teamster benefit funds are also demanding full payment. 

The bankruptcy court is holding a first hearing today, September 15, but the process is expected to be long. Estes has bid $1.525 billion for Yellow's shipment centers. 

Court papers revealed Yellow paid $4.6 million in bonuses to 10 executives just weeks before bankruptcy. Teamsters deserve the money that is owed to them. 

Attached is a memo that the IBT sent to all affected Local Unions.  It states that the IBT is filing a proof of claim on behalf of all members of the Yellow bargaining unit, meaning if you are a Yellow Teamster, you are already part of the settlement and do not have to file anything. You are still allowed to file an individual claim if you want to, and filing your own claim could possibly help make sure that the information filed to the court is accurate.

The IBT is collecting additional information from Local Unions to make sure they receive the correct amount of compensation from the settlement. This information includes seniority lists and pay rates, copies of pending grievances with monetary values, and any other information. 

 

Click here to read the full memo. 

 

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