Lessons Learned as Court Denies Motion to Dismiss FLSA Collective Action That Alleges Financial Advisors Misclassified as Independent Contractors


A California federal court recently refused to dismiss a putative class/collective action against Waddell & Reed, Inc., alleging that the financial services firm misclassified its financial advisors as independent contractors rather than employees. In Taylor v. Waddell & Reed, Inc., Civil Action No. 09-cv-2909 (S.D. Cal. Aug. 12, 2010), the court held that the plaintiffs raised sufficient factual allegations of an employment relationship under the Fair Labor Standards Act (FLSA) and California law to survive Waddell & Reed's motion to dismiss.

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