LinkedIn has settled a $6.75 million class-action suit. Here’s what you need to know.
LinkedIn Settles Class-Action Lawsuit: What You Need to Know
Participants and former users of LinkedIn’s 401(k) Profit Sharing Plan and Trust could soon receive payments from a $6.75 million settlement. This settlement aims to resolve claims that the company violated the Employee Retirement Income Security Act by mismanaging its 401(k) retirement plan.
What is the Lawsuit About?
In May, LinkedIn agreed to pay a $6.75 million settlement to address allegations of mismanagement in its 401(k) retirement plan. The plaintiffs, who filed an excessive fee complaint in August 2020, argued that the company failed to use the lowest-cost share class for many of the mutual funds in the plan. They claimed that LinkedIn could have saved participants millions of dollars by considering more affordable options.
Who is Eligible?
If you participated in LinkedIn’s 401(k) Profit Sharing Plan and Trust between Aug. 14, 2014, and July 1, 2020, you may be eligible to participate in the settlement.
How Can I File a Claim?
If you are an active account holder, you will receive a deposit into your individual investment account. Active participants do not need to take any action. However, former beneficiaries and alternate payees must file a claim by Nov. 10. Former beneficiaries who qualify will receive a check or deposit, and they can file a claim here.
How Much Money Will I Receive?
The amount each beneficiary will receive from the $6.75 million settlement will be determined after the final approval hearing, scheduled for Nov. 16.
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