After years of wrangling with one of its former top producers, money manager
Stephen Sawtelle claimed that the Overland Park, Kan.-based launched a smear campaign against him after he was fired in 1997.
"I have mixed emotions," Sawtelle said. "I am glad it is over, but I didn't like the process."
The process has been a long one, too. In 2001, three arbitrators from the
Prior to the most recent ruling, Waddell paid the broker $1.2 million in punitive damages and $728,000 for incurred legal fees.
"This is an issue that has been out there for several years," said Waddell CEO Hank Herrmann. "Putting it behind us is a positive development."
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.