U.S. Transportation "Loss on Montgomery: Good for Asset Names; Mixed for..."

研报英文原文证据摘录

U.S. Transportation "Loss on Montgomery: Good for Asset Names; Mixed for..."

Global Research

14 May 2026ab

U.S. Transportation Equities

North AmericaLoss on Montgomery: Good for Asset Names;

Mixed for Brokers Transportation Services

Thomas Wadewitz

Analyst

thomas.wadewitz@ubs.com

Supreme Court rules against the brokers; no guidance or safe harbor +1-212-713 6116

The Supreme Court delivered a unanimous ruling (link) against truck brokers in the Michael Triano

Montgomery case and the ruling did not provide parameters which could guide brokers Analyst

to actions which would protect them from litigation. The result is a lack of visibility to the michael.triano@ubs.com

path forward, step up in insurance and legal costs for brokers, and another source of +1-212-713 3822

downward pressure on truckload market capacity. Michael DiMattia

Clear read is to attrition in small brokers; more pressure on TL capacity michael.dimattia@ubs.com

We expect the ruling to result in attrition among small brokers due to rising insurance +1-617-748 5628

costs, potentially higher requirements from shippers (insurance coverage) and a likely

move of shippers toward the larger, more financially strong truck brokers. Based on our

conversations with a number of the largest truckload brokers, it does not appear there is

another gear to shift to in terms of even more stringent carrier selection parameters. The

potential added steps from large brokers are likely to be incremental. However, we

would expect small - mid sized brokers and shippers to be more aggressive in taking

measures, which could make it more difficult for smaller TL carriers to get loaded.

Will brokers now focus on driver level data?

Historically brokers have relied on FMCSA information on carriers to determine who they

could use.