King v. Merrill Lynch Canada Inc.
Wrongful Dismissal: Financial Consultants Dismissed for Discretionary Trading
Summary
A wrongful dismissal case involving financial consultants who were dismissed for cause. The court examined whether the plaintiffs were wrongfully dismissed, the appropriate notice period, and whether they had an employment or independent contractor relationship with Merrill Lynch. The court also addressed claims of discretionary trading, proprietary interest in client lists, and the enforceability of a promissory note signed under duress.
Outcome
Claims for tort damages were dismissed, and the promissory note was found invalid due to duress. The court also determined that Merrill Lynch had a proprietary interest in the client list and book of business.
Key Factors
- wrongful dismissal
- employment status determination
- discretionary trading
- proprietary interest in client lists
- duress in contract signing
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