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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Case Information

Case Title

Taylor et al v. Waddell & Reed Inc et al


Case Number

3:09-cv-02909

Court

California Southern

Nature of Suit

Labor: Fair Standards

Judge

Anthony J. Battaglia

Date Filed

December 28, 2009

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