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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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LinkedIn agrees 6m payout to employees

Article By: ,  Financial Analyst
August 5, 2014 10:15 AM

LinkedIn has agreed to pay $6 million (£3.6 million) as part of a labour violation settlement.

An investigation by the US Department of Labor found that the business-oriented social networking service had failed to account for all the hours worked by its employees. The figure included the repatriation of $3.3 million in unpaid wages and overtime while a further $2.5 million was paid in damages to workers in the firm's California, Illinois, Nebraska and New York offices. The regulator confirmed that LinkedIn had informed its workers of the action.

LinkedIn was praised by the US regulators after stating that it would "rectify the situation", adding that it regarded its talent pool as its "number one priority". The company stated that it would be working closely with the US Department of Labor to ensure that a settlement is reached and employees receive the money they are owed.

David Weil, administrator of the Wage and Hour Division, said: "This company has shown a great deal of integrity by fully cooperating with investigators and stepping up to the plate without hesitation to help make workers whole.

"We are particularly pleased that LinkedIn also has committed to take positive and practical steps towards securing future compliance."

LinkedIn's share price dropped 0.24 per cent in after hours tradings on August 5th following a largely positive day on Monday (August 4th) where it jumped 0.72 points to 202.50. The company has been going through some tough trading conditions in recent months including a drop of six per cent in May.

It came after the firm posted a weaker-than-expected revenue outlook of between $2.06 billion and $2.08 billion, lower than analysts' predictions of $2.1 billion. Profits for the January to March period were also down $13.4 million compared to 12 months earlier when it scored a $22.6 million profit.

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