LinkedIn Aims Ax At Workers' Mismanaged $817M 401(k) Suit

Law360 (January 5, 2021, 5:47 PM EST) -- LinkedIn urged a California federal judge Monday to toss an employee proposed class action claiming the social media company and its top brass mismanaged their $817 million retirement fund, saying the plan participants' dislike of the investment options doesn't mean LinkedIn violated federal labor law.

In a motion to dismiss, the Microsoft Corp. subsidiary said the employees can't use the Employee Retirement Income Security Act as a basis for demanding their own preferred investment options or allege a broken fiduciary duty by saying LinkedIn could have chosen different investment options that might perform better.

"Plaintiffs, relying only on hindsight and second...

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