Waddell & Reed Advisers Hit Company With FLSA Suit

Law360, New York (April 29, 2010, 5:38 PM EDT) -- Employees of investment firm Waddell & Reed Inc. have filed a putative class action against the company, claiming it violates the Fair Labor Standards Act by misclassifying sales representatives as independent contractors exempt from wage-and-hour protections.

Waddell & Reed misclassified individuals holding positions such as representative and financial adviser, claiming they were exempt from wage-and-hour protections, according to an amended complaint filed Wednesday in the U.S. District Court for the Southern District of California.

The investment company has an aggressive team of agents that solicit people...
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