Waddell & Reed FLSA Suit Survives Dismissal Bid

Law360, New York (August 13, 2010, 12:34 PM EDT) -- A federal judge has refused to dismiss a putative class and collective action accusing investment firm Waddell & Reed Inc. of misclassifying its financial advisers in violation of state and federal labor laws, finding that the plaintiffs' complaint sufficiently alleged an employee-employer relationship.

Judge Dana M. Sabraw of the U.S. District Court of the Southern District of California denied the defendant's motion Thursday, but agreed to dismiss the firm's parent companies — Waddell & Reed Financial Inc. and Waddell & Reed Financial Services Inc. — finding...
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