Waddell & Reed Advisers Exempt From FLSA: Judge

Law360, Los Angeles (January 4, 2012, 6:02 PM EST) -- A California federal judge on Tuesday scaled a collective action accusing investment firm Waddell & Reed Inc. of misclassifying its financial advisers as exempt from wage-and-hour laws, saying the lead plaintiffs were excluded under the outside sales exemption of the Fair Labor Standards Act.

U.S. District Judge Anthony J. Battaglia said lead plaintiffs Kenneth Young and Michael Taylor fell under the FLSA exemption because they regularly met with clients outside the office to drum up sales. And although some sales may have been finalized at Waddell...
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