LinkedIn’s $6.75 Million ERISA Settlement Gets Tentative Nod

LinkedIn Corp. would pay $6.75 million under a proposed class-action settlement a federal judge preliminarily approved Thursday to end litigation brought by 401(k) plan participants.

Judge Edward J. Davila of the US District Court for the Northern District of California held the proposed settlement was appropriate and scheduled a final settlement hearing for Nov. 16.

Some 17,000 current and former LinkedIn employees are covered under the proposed accord.

The pact resolves plaintiffs’ claims that LinkedIn’s 401(k) plan fiduciaries failed to appropriately monitor plan’s investments, retaining “imprudent investments instead of readily available suitable alternative investments” and causing the plan to pay ...