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California Federal Court Sheds Light on Defining the Independent Contractor Relationship

February 1, 2011 /

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One California federal district court last year authored an opinion which may be of interest to Ameriprise Financial. The United States District Court for the Southern District of California in Taylor v. Waddell & Reed, Inc., 2010 U.S. Dist. LEXIS 81920 (Aug. 12, 2010), analyzed whether a court should consider a registered broker-dealer’s compliance with FINRA regulations as an indicia of control in determining whether an employer-employee relationship was created with its financial advisors. While the court agreed with the general proposition that compliance with legal requirements is not indicative of control for purposes of establishing an employer-employee relationship, the court found that the financial advisors constituted employees because the broker dealer’s compliance went beyond the general supervision requirements imposed by FINRA.

Michelle S. Grant

Katherine Santon

Full Story: http://www.dorsey.com/eu_ameriprise_independentcontractor_2111/

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Dorsey & Whitney – An International business law firm, applying a business perspective to clients’ needs in Missoula, Montana and beyond. http://www.dorsey.com/locations/Office.aspx?office=22

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