LinkedIn 401(k) Plan Participants Stumble in Lawsuit Over Fees

A proposed class action accusing LinkedIn Corp. of mismanaging its $817 million 401(k) plan can move forward if the plan participants file an amended complaint with more details about their specific investments, a California federal judge ruled.

The complaint filed by Douglas Bailey, Jason Hayes, and Marianne Robinson doesn’t specify which funds the plaintiffs held in their LinkedIn plan accounts or how the fees they claim are excessive were spread across the plan’s participants, Judge Edward J. Davila of the U.S. District Court for the Northern District of California held Tuesday. Their complaint therefore fails to establish standing to challenge ...