Yellow paying $6.8M to settle DOD overcharging claim

Yellow settles overcharging lawsuit with Defense Department

Yellow Corp. announced Thursday it has settled a dispute with the Department of Defense in which the less-than-truckload carrier was alleged to have incorrectly charged for freight shipments from 2005 to 2013.

The Defense Department complaint alleged overcharging for carrier services, “unjust enrichment or a payment by mistake” and “failing to comply” with contractual terms and government procurement rules.

Specifically, the government alleged that Yellow operating companies — YRC Freight, Yellow...

https://www.freightwaves.com/news/yellow-paying-6-8m-to-settle-dod-overcharging-claim

Probe suggests Trump administration influenced pandemic relief loan to Yellow

Yellow Corp. loan center of another investigation

New claims surfaced Wednesday on how the $700 million pandemic relief loan made to LTL carrier Yellow Corp., formerly YRC Worldwide, came to be.

A press release issued by a Democrat-led committee investigating “waste, fraud, and abuse” in the CARES Act lending program said the group was seeking records from the Trump White House regarding its correspondence pertaining to the bailout loan made to Yellow (NASDAQ: YELL). In a Tuesday letter, Rep. James Clyburn, chairman of the Select Subcommittee...

https://www.freightwaves.com/news/probe-suggests-trump-administration-influenced-pandemic-relief-loan-to-yellow

FreightWaves Haul of Fame: New Penn is a long-time Northeastern LTL

New Penn trucks at a dock. (Photo: New Penn)

On July 8, 2019 FreightWaves’ Mark Solomon reported that New Penn Motor Express (“New Penn”), one of three U.S.-based regional less-than-truckload (LTL) carriers controlled by YRC Worldwide, Inc. (NASDAQ:YRCW), that it would close its corporate offices in Lebanon, Pennsylvania after 88 years, and consolidate operations there with YRC’s Field Resource Center at the parent’s Overland Park, Kansas headquarters.

Prior to that announcement, what was the company’s history for the 88 years leading up...

https://www.freightwaves.com/news/freightwaves-haul-of-fame-new-penn-is-a-long-time-ltl-in-the-northeast

Oversight panel says Yellow increased lobbying efforts ahead of $700M loan

Oversight commission questions Yellow's importance to national security

The latest report from the congressional oversight commission tasked with monitoring COVID relief loans showed that less-than-truckload carrier Yellow Corp. (NASDAQ: YELL), formerly YRC Worldwide, was likely not as “critical to maintaining national security” as suggested by the Department of Defense and the Treasury.

The Friday report from the commission said that the carrier likely provided only 20% to 40% of the DOD’s LTL services, not the 68% stated by the DOD and Treasury when providing the...

https://s29755.pcdn.co/news/oversight-panel-says-yellow-increased-lobbying-efforts-ahead-of-700m-loan

YRC/Yellow agrees to ‘immaterial’ $2.1M settlement in investor suit over DoD overcharges action

Yellow Corp. (NASDAQ: YELL), the former YRC Worldwide, has agreed to a settlement of $2.1 million — an amount the company earlier had referred to as “immaterial” — in an ongoing 2018 lawsuit on price overcharges brought by the Department of Defense.

The suit was brought by a group of investors, who already had lost in the district court. However, those investors were planning an appeal of that lower court decision, leading to settlement talks that resulted in the relatively small payout. 

Plaintif...

https://s29755.pcdn.co/news/yrc-yellow-agrees-to-immaterial-2-1m-settlement-in-investor-suit-over-dod-overcharges-action

Yellow, ABF drivers edge closer to long-term pension protection

Legislation aimed at bailing out multiemployer pension funds in danger of failing — including the fund that holds pensions for tens of thousands of Yellow Corp. and ABF Freight drivers and their spouses — could finally make it into law under the latest COVID-19 relief measure.

The Butch Lewis Emergency Pension Plan Relief Act of 2021, legislation that the Ways & Means Committee in the U.S. House of Representatives is considering this week to include in a broader COVID-19 stimulus package, would...

https://www.freightwaves.com/news/yellow-abf-drivers-edge-closer-to-long-term-pension-protection

YRC Worldwide officially Yellow again; Q4 misses mark

Q4 misses expectations

Less-than-truckload provider Yellow Corp., formerly YRC Worldwide (NASDAQ: YRCW), made it official Thursday after the market close. The company will operate under the Yellow banner again. Yellow will begin trading on the NASDAQ under the ticker “YELL” on Monday.

The Overland Park, Kansas-based company reported a net loss of 37 cents per share, worse than the consensus call for a 24-cent per share loss but 9 cents better than the prior-year result.

Yellow is the holding company for LTL brands...

https://www.freightwaves.com/news/yrc-worldwide-officially-yellow-again-q4-misses-mark

YRC next-day regional service expands in mid-Atlantic

YRC Freight expands next-day service

Less-than-truckload carrier YRC Worldwide (NASDAQ: YRCW) announced Monday the further expansion of YRC Freight’s regional next-day service. The service will now be offered out of 13 terminals throughout the mid-Atlantic.

The Overland Park, Kansas-based carrier said the service will run out of selected terminals throughout Maryland, Delaware, Virginia, North Carolina and Washington, D.C. Richmond, Virginia, will be the hub for the region.

“Through Regional Next-Day service, we’ve enhanced...

https://www.freightwaves.com/news/yrc-next-day-regional-service-expands-in-mid-atlantic

Oversight commission seeks YRC pricing details

Oversight commission has more questions

A Thursday report from the commission overseeing COVID-relief loans showed a request on Monday to U.S. Transportation Command seeking more information about correspondence it had with prime contractor Crowley Logistics regarding less-than-truckload subcontractor YRC Worldwide (NASDAQ: YRCW).

U.S. Transportation Command is tasked by the Department of Defense to provide the transportation required for national security.

The commission has had concerns with the $700 million relief loan made to YRC,...

https://www.freightwaves.com/news/oversight-commission-seeks-yrc-pricing-details

December LTL volumes ‘remain healthy’

December LTL demand keeps pace

Less-than-truckload volumes appeared to remain elevated during December, according to Amit Mehrotra, managing director and head of transportation and shipping research at Deutsche Bank (NYSE: DB).

The December data indicates the sequential monthly trends were in line with “typical seasonality,” however off of a higher base. The firm’s Sunday report to clients showed activity at Old Dominion Freight Line (NASDAQ: ODFL) terminals was down 10.1% from November to December, in line with the carrier’s...

https://www.freightwaves.com/news/december-ltl-volumes-remain-healthy

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