Waddell & Reed Financial Inc. agreed to pay $4.88 million to settle a class-action lawsuit filed against it by a former employee.
Stacy Schapker of Shawnee, a former paralegal at Overland Park-based Waddell & Reed (NYSE: WDR), filed suit against the company in 2017, claiming that it breached its fiduciary duty and made prohibited transactions under the Employee Retirement Income Security Act of 1974 (ERISA). Schapker accused the company of forcing plan participants nearly exclusively into investment…
Waddell & Reed Financial Inc. agreed to pay $4.88 million to settle a class-action lawsuit filed against it by a former employee.
Stacy Schapker of Shawnee, a former paralegal at Overland Park-based Waddell & Reed (NYSE: WDR), filed suit against the company in 2017, claiming that it breached its fiduciary duty and made prohibited transactions under the Employee Retirement Income Security Act of 1974 (ERISA). Schapker accused the company of forcing plan participants nearly exclusively into investment…