The $1.1 Billion Deal for Roadway and the 30,000 Truckers Who Lost Their Jobs

The $1.1 Billion Deal for Roadway and the 30,000 Truckers that Lost Their Jobs. On July 30, 2023, Yellow shut down its trucking operations, leaving about 30,000 workers without jobs and pension funds facing billions in claims. This story follows former Yellow dockworker Keith Stephenson and Roadway driver Mike Schaffer through the history of Yellow, Roadway Express and the Teamsters' multiemployer pension system. It traces the 2003 Roadway deal, Yellow's bankruptcy, federal pension assistance and the fight over who got paid first. The numbers reveal what workers, pension funds, lenders and taxpayers received—and what remains unresolved. In this documentary: how the Roush brothers started Roadway in Akron, Ohio, in December 1930; how a Teamster multiemployer pension fund works; how Yellow bought Roadway for about $1.1 billion in 2003; the pension contribution suspension of 2009 and the 2010 concession vote; the Treasury's May 2016 rejection of benefit cuts at Central States; the $700 million pandemic loan; the $35.8 billion in federal Special Financial Assistance approved for Central States on December 8, 2022; and the pension settlements the bankruptcy court approved in 2026. CHAPTERS 0:00 Yellow Closes in Copley 4:28 How Teamster Pensions Worked 9:26 Roadway and Yellow Grow 12:30 Akron Trucking Communities 16:56 Deregulation and Pension Strain 22:02 Yellow Buys Roadway 25:55 YRC Pension Concessions 30:20 Central States Faces Cuts 34:03 Federal Aid for Yellow and Pensions 38:58 Yellow's 2023 Shutdown 41:47 Executive Bonuses and Bankruptcy 45:24 Pension Claims and Settlements 49:24 The Pension Fund's Longer History 53:23 Workers After Yellow's Closure 57:34 Who Was Paid First The Justice Department and congressional report described allegations concerning freight billing and Yellow's pandemic loan; Yellow disputed the report's allegations, and the Justice Department stated that liability had not been determined. The presumption of innocence applies, and this video's analysis is the channel's opinion. This channel is history and journalism, not financial advice. Who do you think should have been paid first when Yellow shut down? Did your family drive for Roadway, Yellow or another freight company that closed? Tell us the company and the terminal town in the comments. #yellowfreight #roadwayexpress #teamsters #akron #trucking #bankruptcy #centralstates #truckinghistory #pensionfunds #YRCWorldwide