Facts

Douglass Bailey, Jason Hayes, and Marianne Robinson participated in LinkedIn Corporation's 401(k) Profit Sharing Plan and Trust (Plan). On August 14, 2020, they filed a class action lawsuit against LinkedIn Corporations, its Board of Directors, and the Plan's Committee, alleging violations of the Employee Retirement Income Security (ERISA) Act.

PLAINTIFFS' CONTENTIONS: Plaintiffs contended that prior to the Plan's merger into Microsoft Corporation's own 401k plan on July 1, 2020, defendants breached their fiduciary duties by allowing unreasonable expenses to be charged to the Plan's participants; and selecting, and retaining high-cost, poorly-performing investments instead of offering other more prudent alternative investments.

DEFENDANTS' CONTENTIONS: Defendants denied any wrongdoing or liability and continued to do so.

Settlement Discussions

The parties participated in mediation with Robert A. Meyer, Esq.

Result

The case settled for $6.75 million, with the amount available for distribution to the class members to be divided based on the size and timing of the member's investment relative to the other members.