Class-action settlement: Deadline to file for $6.75 million LinkedIn settlement in three days
Eden Villalovas
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Earlier this year, LinkedIn Corp. signed a $6.75 million settlement agreeing to resolve claims that the social media company mishandled its 401(k) Profit Sharing Plan and Trust. The deadline to submit a claim form for those who are active or former participants is in three days.
Those interested must file a claim by Nov. 10 and 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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Plaintiffs accused the social media company of an excessive fee, made 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 that LinkedIn could have saved participants millions of dollars if the company considered lower-cost options.
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Active account holders who qualify for a payout 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. Former beneficiaries will be issued a check or deposit if they qualify.
The final approval hearing for the settlement is scheduled for Nov. 16, when the individual payment for each beneficiary will be determined.