Class-action settlement: Deadline to file for $6.75 million LinkedIn settlement in one day
Eden Villalovas
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The deadline to file a claim in LinkedIn’s $6.75 million settlement is only one day away for active and former participants of the social media company’s 401(k) Profit Sharing Plan and Trust.
Active and former participants of LinkedIn’s 401(k) Profit Sharing Plan and Trust could be eligible for a payment if they participated in the company’s plan between Aug. 14, 2014, and July 1, 2020. Active account holders will see a deposit into their individual investment accounts if they qualify and will not need to take any action to receive any funds. However, former beneficiaries and alternate payees do need to take action; they will need to file a claim by Nov. 10 and can do so here.
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Earlier this year, the social media company agreed to a $6.75 million settlement. Plaintiffs accused LinkedIn of an excessive fee in August 2020, alleging it did not use the lowest-cost share class for many of the mutual funds in the plan. The plaintiffs in the excessive fee complaint argued LinkedIn could have saved participants millions of dollars if it considered lower-cost options.
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The agreement was announced in March with the United States District Court in San Jose, California, after plaintiffs first sued in August 2020 and then amended their complaint twice.
The final approval hearing for the settlement is scheduled for Nov. 16, when the individual payment for each beneficiary will be determined.