Former GC Sues Firm For Breach of Contract

The former general counsel for Waddell & Reed Financial, Inc., Daniel Schulte, is now suing the firm for allegedly stiffing him on more than half a million dollars in consulting fees. As part of his separation agreement, Waddell & Reed agreed to enlist Schulte’s new consulting firm for up to 325 hours per year, and pay a consulting fee of $4.9 million in installments over two years. But in September, after Schulte claims the company racked up $562,500 in consulting fees, Waddell & Reed said they would make no further payments.