The deadline to file a claim in LinkedIn’s $6.75 million settlement is in one week for active and former participants of the social media company’s 401(k) Profit Sharing Plan and Trust.
LinkedIn agreed to the settlement earlier this year to resolve claims that the firm violated the Employee Retirement Income Security Act by mismanaging 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.
Those interested in submitting a claim 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 if they qualify for the settlement. 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 six 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.
