Class-action settlement: Deadline to file for $6.75 million LinkedIn settlement in nine days

Active and former participants of LinkedIn’s 401(k) Profit Sharing Plan and Trust have nine days to file to receive a payment from the company’s $6.75 million settlement to resolve claims that the company violated the Employee Retirement Income Security Act by mismanaging the firm’s 401(k) retirement plan.

Earlier this year, LinkedIn agreed to the settlement to resolve claims that the firm mismanaged its 401(k) retirement plan. Plaintiffs accused the social media company of an excessive fee complaint, made in August 2020, alleging they did not use the lowest-cost share class for many of the mutual funds in the plan.

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The plaintiffs in the excessive fee complaint argued LinkedIn could have saved participants millions of dollars if they considered lower-cost options.

To be eligible for a claim, those interested must have participated in LinkedIn’s 401(k) Profit Sharing Plan and Trust between Aug. 14, 2014, and July 1, 2020.

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Active account holders will see a deposit into their individual investment accounts. Those who are active participants will not need to take any action. However, those who are former beneficiaries and alternate payees will need to file a claim by Nov. 10, in 11 days. Former beneficiaries will be issued a check or deposit if they qualify and can file a claim here.

The final approval hearing for the settlement is scheduled for Nov. 16, where the amount each beneficiary will be getting from the settlement will be determined.