There are few, if any, legal issues affecting the investment industry that are more cloudy and less certain than whether investment firm clients belong to the investment advisor or to the investment firm. And there are arguably few issues more important.  An investment firm’s financial bottom line is tied to the number of clients and [...]

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There are few, if any, legal issues affecting the investment industry that are more cloudy and less certain than whether investment firm clients belong to the investment advisor or to the investment firm. And there are arguably few issues more important. This question has been the subject of several widely divergent – and even confusing – court decisions on the issue over the past few years.

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In its January 10, 2006 decision in Egan v. Alcatel, the Ontario Court of Appeal awarded damages for both lost salary and lost disability benefits to an employee who became disabled three months after she was dismissed. In doing so, Ontario’s top court made it clear that an employer is obliged, not only to continue the salary paid to a dismissed employee during an appropriate notice period, but also to continue all employee benefits, including short and long-term disability benefits.

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