Americans can get free money from $6.75million LinkedIn retirement settlement see if youre el
MILLIONS of dollars have rained down on qualifying Americans as part of a new LinkedIn retirement settlement.
The company is known as one of the largest professional social networks connecting job candidates to employers.
But LinkedIn has agreed to a $6.75million settlement to resolve claims that it violated the Employee Retirement Income Security Act (ERISA) by mismanaging its 401(k) retirement plan.
People claim the social network violated a federal law that sets minimum standards for most voluntarily established retirement and health plans in private industry to protect individuals in these plans.
Plaintiffs eligible for free money include participants, beneficiaries, and alternate payees of the LinkedIn Corp. 401(k) Profit Sharing Plan and Trust.
You must have participated in the plan between August 14, 2014, and July 1, 2020, to quality.
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As has become the norm with high-profile business settlements, LinkedIn refrained from admitting guilt, instead offering to resolve the ERISA class action lawsuit with six zeros.
The suit alleges 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.”
As a result, people claim they lost value in their savings.
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.
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In other words, the potential award varies.
HOW TO GET FREE MONEY
Active account holders can expect their share of the settlement as a deposit into their individual investment accounts. No action is needed to qualify.
Former participants, beneficiaries, and alternate payees will receive a check or a tax-qualified rollover and must file a claim by November 10, 2023.
SOCIAL MEDIA COMPANIES MUST PAY UP
LinkedIn's sum is small potatoes compared to other social media companies that have settled recent class action lawsuits.
Meta agreed to a $725million privacy settlement against its company, Facebook, for allegedly sharing users' personal information with third parties.
A historic 17.7million Facebook users are participating in the claim.
And earlier this summer, another Meta company found itself in legal trouble.
Instagram users in Illinois discovered they might be eligible to receive part of a $68million privacy settlement, an increasingly common issue with social titans.
But free money doesn't stop there!
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Americans have a limited time to claim up to $5,000 from a data breach settlement.
And tech privacy woes fall on more businesses, including a life insurance company that must pay eligible Americans $5,200 from a $1million settlement.
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