Waddell & Reed to appeal $25 million verdict

Overland Park-based money manager Waddell & Reed Financial Inc. said Friday it would appeal a new ruling by a National Association of Securities Dealers arbitration panel calling for the payment of $25 million in punitive damages to a former employee.

Waddell & Reed said that after an earlier ruling awarding $25 million in punitive damages was vacated by the appellate division of the New York Supreme Court, the matter was sent back to the arbitration panel for reconsideration.

The arbitration granted the same amount of punitive damages and gave the same reasons contained in the original ruling, the company said.

The case involved former financial adviser Stephen Sawtelle, who was fired in 1997. Sawtelle has maintained that the company tried to ruin his reputation after the dismissal.

Merger

Home Depot to buy replacement roofing firm

Home Depot, the nation’s largest home improvement retailer, announced Friday it would purchase two of the country’s largest roofing companies.

Home Depot is buying Tampa, Fla.-based Installed Products USA LLC and Installed Products of California Inc., which are collectively known as IPUSA. Installed Products is one of the largest installers of residential replacement roofing in the country and has been a contractor with Home Depot since 1997.

Layoffs

Home builder to cut jobs

Champion Enterprises Inc. announced Friday it was cutting 1,000 jobs and was closing four homebuilding plants and 35 retail sales centers because of a continuing slump in the demand for manufactured homes.

The job cuts amount to 13 percent of Auburn Hills, Mich.-based Champion’s work force, company spokeswoman Colleen Bauman said. Employees found out about the layoffs on Friday. Champion is one of the nation’s largest producers of manufactured housing.