Labor/Employment
Sep. 11, 2012
'Game changing' decision impacts independent broker-dealers
A court has ruled for the first time that registered representatives are not employees under California law. By Brandon S. Reif and Timothy W. Fredricks of Winget, Spadafora & Schwartzberg LLP
In a potentially game changing decision for independent broker-dealers, the U.S. District Court for the Southern District of California ruled for the first time that registered representatives are not employees under California law. The court granted summary judgment in favor of Waddell & Reed, upholding the firm's classification of its registered representatives as independent contractors and not employees.
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