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Court rules brokers are independent contractors, not employees

A claim by former Waddell & Reed brokers that they were employees of the firm has been summarily dismissed by a U.S. District Court in Southern California.

By Gil Weinreich | Updated on August 23, 2012

In a potentially precedent-setting case, the U.S. District Court for Southern California handed down a legal victory for Waddell & Reed upholding the firm’s classification of its brokers as independent contractors, ruling against brokers claiming they should be regarded as employees.

The California court granted Waddell’s motion for two summary judgments, but allowed the two former broker plaintiffs to add a third broker to their suit. That new broker now has 30 days to amend the complaint.

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