A Person In A Position Of Fiduciary Duty & Breach Of Fiduciary Duty Claims
An affirmative characteristic of the fiduciary duty of loyalty requires the fiduciary to take favorable steps to protect the interests of the company committed to his charge. Fiduciary duty basically means a duty to act solely in another party’s interests or act responsibly toward money you have control over. Fiduciary duty is a casual or formal obligation to protect the general interests and financial interests of another person, an estate or a business. The existence of a fiduciary relationship is key to the origin of action for breach of fiduciary duty. A breach of fiduciary duty is frequently easier to prove than fraud. A breach of fiduciary duty may be more than simply a business dispute. A breach of fiduciary duty claim is a legal action brought against a fiduciary that has failed to deal with business matters correctly, likely due to untrustworthy or deceitful business practices. A claim of breach of fiduciary duty can come in numerous forms. A breach of fiduciary duty may involve intentional misconduct, as in the case of actively deceitful behavior underpinning the breach, but that is not necessarily the case.
A Lawsuit Alleging Breach Of Fiduciary Duty
The consequences of a finding of breach of fiduciary duty can be intense. Punitive damages are essential in cases involving a gross breach of a fiduciary duty such as when the fiduciary breaches his duty for personal gain. Both equitable and legal remedies are ready for a breach of fiduciary duty. The effects can be general and real damaging when someone commits a breach of fiduciary duty. The breach of a fiduciary duty is a serious conduct, but frequently involves other dealings or complex financial transactions.
A Fiduciary Duty Of Loyalty To His Employer
The fiduciary duty is an obligation of loyalty and good faith to human or some entity that is the highest duty known to the law. A fiduciary duty is a duty of impartiality and loyalty. A fiduciary owes a duty to use their utmost ability to act in a fair, simply, equitable and honest property. A fiduciary is held to strict duties of care and loyalty and must conduct himself or herself with the utmost good faith and integrity. The law requires an enhanced strict duty of care, in order to raise and provide the security of persons and investors to whom a fiduciary duty is owed. The duty of utmost good faith essentially requires the fiduciary to at all times handle his dependents fairly and equally.
The Trustee Or A Beneficiary Of A Trust
The trustee has a duty of disposition and loyalty and must care for the trust for the exclusive benefit of the beneficiaries. Some trusts, for example, may allow the trust to institute a successor trustee, if the trustee failed or refused to act. Some discretion is necessary as trustee, whether the trust concerns a great deal or smaller amount of assets. A trustee must use reasonable omission and care when administering a trust. The aggrieved beneficiary can file an action to compel a constructive trust on the proceeds. The trust, or a trustee, must not acquire from the trust, or acquire from any number of separate transactions that would benefit the trustee personally.
If you live in the Tampa Bay area and are dealing with a business partner, are a shareholder in a corporation, or involved in a trust and where you have concerns about a breach of fiduciary duty, you should consult an attorney for individual advice regarding your specific situation right away.
Commercial litigation can include a wide variety of criminal and civil law matters at both state and federal levels. An experienced attorney who handles business litigation can help if you have a case involving a breach of fiduciary duty dispute. Act now to protect your rights and financial investment from breach of fiduciary duty. Call Curry Law Group today!