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LinkedIn Accused Of Mismanaging $817M 401(k) Plan

Tiomkin Law Offices of Elliott Tiomkin > Legal News  > LinkedIn Accused Of Mismanaging $817M 401(k) Plan

LinkedIn Accused Of Mismanaging $817M 401(k) Plan

Law360 (August 14, 2020, 9:37 PM EDT) — LinkedIn employees hit the social media company with a proposed class action in California federal court Friday, claiming that the company and its top brass mismanaged their $817 million retirement fund, costing plan participants millions of dollars.

In a 40-page complaint, plan participants Douglas G. Bailey, Jason J. Hayes and Marianne Robinson claim that the Microsoft Corp. subsidiary, its board and retirement fund committee members breached their fiduciary duties in violation of the Employee Retirement Income Security Act by tying the workers’ 401(k) plan to high-cost investments when lower cost, higher-yield options were available.

“As a large plan, the plan had…

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