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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Earlier this year, the Ontario Court of Appeal affirmed a trial decision awarding damages against an employment placement agency for not checking the references of an employee who would later go on to defraud her employer of more than $263,000.

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Ontario’s Court of Appeal upheld the trial decision in Drouillard v. Cogeco Cable Canada Inc. that held large cable operator Cogeco Cable liable for telling a cable subcontractor, Mastec Canada, that it would not allow its employee, Mr. Drouillard, to work on Cogeco equipment.

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In March of 2006, the Ontario Superior Court of Justice awarded Kevin Keays a record $500,000 in punitive damages, in addition to 24 months pay in lieu of notice, after Honda terminated Keays’ employment for frequent work absences due to chronic fatigue syndrome. On September 29, 2006, the Ontario Court of Appeal held that the punitive damages awarded by the Superior Court should be dramatically reduced from $500,000 to $100,000. The Court of Appeal otherwise dismissed Honda’s appeal of the Superior Court decision and, in doing so, rejected Honda’s allegations of bias against the trial judge.

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