Participants and former users of LinkedIn’s 401(k) Profit Sharing Plan and Trust could see payments from a $6.75 million settlement to resolve claims that the company violated the Employee Retirement Income Security Act by mismanaging the firm's 401(k) retirement plan.

Here is everything to know about the class-action lawsuit.

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What is the lawsuit about?

LinkedIn agreed to pay a $6.75 million settlement to resolve claims that the firm mismanaged its 401(k) retirement plan in May. Plaintiffs accused the social media company of an excessive fee complaint, made in August 2020, alleging they did not use the lowest-cost share class for many of the mutual funds in the plan. They argued LinkedIn could have been saving participants millions of dollars if they considered lower-cost options.

Who is eligible?

Those who participated in LinkedIn's 401(k) Profit Sharing Plan and Trust between Aug. 14, 2014, and July 1, 2020, could be eligible to participate in the settlement.

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How can I file a claim? 

If eligible, active account holders will see a deposit into their individual investment accounts. Those who are active participants will not need to take any action. However, those who are former beneficiaries and alternate payees will need to file a claim by Nov. 10, in 11 days. Former beneficiaries will be issued a check or deposit if they qualify and can file a claim here.

How much money will I be issued?

The amount each beneficiary will be getting from the $6.75 million settlement depends on the results of the final approval hearing for the settlement, which is scheduled for Nov. 16.