Linear Technology LLC 401(k) $1.5M class action settlement

Analog Devices, which acquired Linear Technology Corp., Linear Technology LLC and Linear Technology Administrative Committee a few years ago, has agreed to a class action settlement benefiting participants in the Linear Technology 401(k) plan.

The class is made up of anyone who was a Linear Technology LLC 401(k) plan participant at any point between May 6, 2013, and Jan. 18, 2019.

Analog Devices completed its acquisition of Linear Technology Corp. in 2017, according to the company website. The company makes analog, mixed-signal and digital signal processing integrated circuits used in various electronics.

However, according to a class action lawsuit, the company mismanaged its 401(k) plan.

The defendants allegedly not only failed to prudently manage the plan investments, but also failed to control the cost of the plan in the best interest of its participants and beneficiaries, thereby breaching its fiduciary duties under the Employee Retirement Income Security Act (ERISA).

Under the terms of the Linear Technology 401(k) settlement, class members will be eligible for a payment from the $1.5 million settlement fund after expenses such as attorneys’ fees and incentive awards have been deducted.

Class members will receive proportionate payments based on the recordkeeping fees they paid during the class period.

Current plan participants as of the date of payment distribution will have their payment deposited directly into their The Investment Partnership Plan (TIP Plan) account.

Former participants who wish to roll their payment over into another retirement account must submit a rollover form.

Former participants who do not submit a timely rollover form will have a check mailed to them or a qualified retirement account in their name to their last address.

Any funds remaining from uncashed checks will be paid to the TIP Plan to offset plan administrative fees and expenses.

A final hearing in the Linear Technology 401(k) settlement will take place July 15, 2022.

The deadline to object to the settlement is June 15, 2022.

The deadline for former participants to submit their rollover form is also June 15, 2022.

Who’s Eligible

The class is made up of anyone who was a Linear Technology LLC 401(k) plan participant at any point between May 6, 2013, and Jan. 18, 2019.

Potential Award

Varies

Proof of Purchase

No proof of purchase applicable.

Rollover Form

NOTE: If you do not qualify for this settlement do NOT file a claim.

Remember: you are submitting your claim under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. If you’re unsure if you qualify, please read the FAQ section of the Settlement Administrator’s website to ensure you meet all standards (Top Class Actions is not a Settlement Administrator). If you don’t qualify for this settlement, check out our database of other open class action settlements you may be eligible for.

Rollover Form Deadline

06/15/2022

Case Name

Bouvy v. Analog Devices, Inc., et al., Case No. 19-cv-881-DMS-BLM, in the U.S. District Court for the Southern District of California

Final Hearing

07/15/2022

Settlement Website

LinearTechnologyERISASettlement.com

Claims Administrator

Linear Technology 401(k) Plan Settlement Administrator
P.O. Box 2003
Chanhassen, MN 55317-2003
info@LinearTechnologyERISASettlement.com
855-579-2789

Class Counsel

Rafey S Balabanian
EDELSON PC

Defense Counsel

Ada W Dolph
SEYFARTH SHAW LLP