LinkedIn 401(k) ERISA $6.75M class action settlement

LinkedIn agreed to pay $6.75 million as part of a class action lawsuit 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.

LinkedIn is a professional network that connects coworkers, job seekers and companies. 

LinkedIn hasn’t admitted any wrongdoing but agreed to a $6.75 million settlement to resolve the ERISA class action lawsuit.

Under the terms of the LinkedIn settlement, class members can receive a proportional share of the settlement fund based on their 401(k) account information such as end-of-year account balances. 

Class members with active accounts will receive their share of the settlement as a deposit into their individual investment accounts. Former participants, beneficiaries and alternate payees will receive their share of the settlement as either a check or a tax-qualified rollover.

There is no exclusion deadline for this settlement. The objection deadline is Oct. 17, 2023.

The final approval hearing for the settlement is scheduled for Nov. 16, 2023.

Current participants, beneficiaries and alternate payees do not need to take action in order to benefit from the LinkedIn class action settlement. 

Former participants, beneficiaries and alternate payees do need to take action and must file a claim by Nov. 10, 2023, in order to receive their settlement share.

Who’s Eligible

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

Potential Award

Varies

Proof of Purchase

N/A

Claim 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.

Claim Form Deadline

11/10/2023

Case Name

In re: LinkedIn ERISA Litigation, Case No. 5:20-cv-05704-EJD, in the U.S. District Court for the Northern District of California

Final Hearing

11/16/2023

Settlement Website

StrategicClaims.net/LinkedIn401k

Claims Administrator

LinkedIn 401k Settlement Administrator
c/o Strategic Claims Services
600 North Jackson Street, Suite 205
Media, PA 19063

Class Counsel

Laurie Rubinow
Alec J Berin
James C Shah
Kolin C Tang
James E Miller
MILLER SHAH LLP

Donald R Reavey
Mark K Gyandoh
CAPOZZI ADLER PC

Daniel L Germain
ROSMAN & GERMAIN LLP

Defense Counsel

Jeremy P Blumenfeld
MORGAN LEWIS & BOCKIUS LLP