LinkedIn pays $6.75 million to settle 401(k) excessive fee lawsuit

LinkedIn Corp., which is owned by Microsoft Corp., settled for $6.75 million a 401(k) excessive fee complaint made in August 2020, Plansponsor reports. The social media company settled over allegations made by participants of its 401(k) profit-sharing plan and trust that it did not try to reduce plan expenses or scrutinize investment options closely enough within the plan, according to a settlement agreement filed on March 3 in the U.S. District Court for the Northern District of California.