Fiduciary Duty Attorney
When someone is a fiduciary for another person they are required to act in the best interest of that person. The fiduciary is responsible for the management and protection of either money or property for another person and owes that person a "duty of loyalty".
A breach of fiduciary duty happens when the fiduciary behaves in a manner that contradicts their duty of loyalty or other fiduciary obligation and serious legal implications can occur.
Examples of Fiduciary Relationships
There are many types of fiduciary relationships. These can be between an employer and employee, an accountant and a client, and board members to company shareholders. Below are a few common examples of fiduciary relationships:
What Counts as a Breach of Fiduciary Duty?
Knowing how to identify a breach of fiduciary duty allows you to react quickly and prevent any further damage. Once a breach has been identified, it is legally permitted for the wronged individual to sue for and receive damages as well as any profits made by the fiduciary during the breach. Fiduciary responsibilities are usually made clear in some form of agreement or contract.
Should I Sue for Breach of Fiduciary Duty?
A civil suit is generally the process that is used to pursue legal recovery of damages when a breach of fiduciary duty has occurred, however just because it is possible to sue, does not always mean that a lawsuit is the right choice. A business litigation attorney, such as Stawicki Law Office, is well versed and experienced to provide the right guidance if one should sue and provide the representation throughout the process if a lawsuit is opened.
Your Expert Fiduciary Duty Attorney
Let Stawicki Law Office carefully review your situation and help you determine if taking legal action is the best way to proceed if you suspect a fiduciary duty has been breached.