Breach of Fiduciary Duty

Have you placed trust and confidence in another to act in your best interest? Has that designated person failed to exercise due care and diligence in executing his or her duties? If yes, they may have breached a fiduciary duty to you, and you may have a claim against them to recover any losses due to their lack of due care.

A fiduciary relationship arises in a number of formal and informal contexts. In such a relationship, good conscience requires the fiduciary to act at all times for the sole benefit and interest of the one who has trusted them. A fiduciary is someone who has undertaken to act for and on behalf of another in a particular matter in circumstances which give rise to a relationship of trust and confidence.

Fiduciary relationships emerge in a number of relationships, including:

  •      Attorney/client
  •      Executor/heir
  •      Business partnership
  •      Agent/principal
  •      Trustee/beneficiary
  •      Corporate officer/shareholder

However, fiduciary duties need not rely on such formal relationships. If you have ever been placed in a position where you have trusted another to act in your best interest, then a fiduciary relationship may have emerged. If that fiduciary then did not act in your best interest, they are in violation of their duties to you- regardless of how informal such a relationship may be.

Fiduciaries may never place their own needs ahead of yours, especially to your detriment. If you or your business has been damaged by another in breach of their fiduciary duty to you, you may have a claim against them to recover your losses due that came about due to their carelessness. You should seek legal counsel immediately to be compensated for the fiduciary’s wrongful actions. A qualified business attorney at Trembly Law Firm can discuss your legal needs and help determine whether you are entitled to monetary compensation from the fiduciary who may have wronged you.