To W-2 Or 1099, That Is The Question

Law360, New York (September 7, 2012, 11:50 AM EDT) -- In a decision of significance to the broker-dealer industry, on Aug. 20, 2012, in Taylor & Young v. Waddell & Reed, et al., the Southern District of California granted summary judgment in favor of the independent broker-dealer firm, finding that its financial advisers were properly classified as independent contractors and not entitled to relief under California’s Labor Code, which applies only to employees.

This case concerns the claims of Kenneth Young and Michael E. Taylor, two former financial advisers who sold financial products and services on...
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