LinkedIn Agrees to Pay $6.75 Million in a Class Action Settlement Over Violated ERISA and Mismanaged 401(k)

LinkedIn agreed to pay $6.75 million as part of a settlement to resolve claims that it violated the Employee Retirement Income Security Act (ERISA) by mismanaging its 401(k) retirement plan.

The settlement benefits participants, beneficiaries and alternate payees of the LinkedIn Corp. 401(k) Profit Sharing Plan and Trust who participated in the plan between Aug. 14, 2014, and July 1, 2020.

Plaintiffs in the ERISA class action lawsuit claim LinkedIn mismanaged the 401(k) plan by allowing participants to be charged unreasonable expenses and selecting high-cost, poorly performing investments instead of more reliable options. These actions allegedly caused participants to lose value in their investments.

Read the source article at Top Class Actions