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...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!