Fiduciary duty refers to a relationship where one party has a legal obligation to act in the best interests of the other party. The party with the legal obligation is called the fiduciary, while the person who is owed the duty is called a beneficiary. It is expected that fiduciaries put their interests aside and always look out for the beneficiaries. If someone breaks their fiduciary duty, they may be liable to legal liability.
What Constitutes a Breach of Fiduciary Duty?
A fiduciary may breach their duty when they fail to follow the agreement they made with a client. For instance, an attorney who distributes the deceased’s assets contrary to the will may be in breach.
A fiduciary can also breach their obligation if they fail to disclose key information that can affect the beneficiary’s interests. For instance, a financial advisor who fails to disclose all the risks associated with a given investment can be liable for breach of duty.
Filing a Breach of Fiduciary Duty Lawsuit
If you believe your fiduciary has breached their duty, you can file a lawsuit against them. For your lawsuit to be successful, you must prove that you and the alleged fiduciary were in a legal and recognized relationship and that they failed to act in your best interests. Most importantly, you need to have proof that the fiduciary’s actions caused any loss or harm.
If you can prove your case, you may be awarded monetary damages. The court may also issue an injunction against the fiduciary to stop them from taking certain actions or continuing with further breaches. In serious cases, the court may even remove them from their position of trust.
Are You a Victim of a Fiduciary Duty Breach?
Breach of fiduciary duty cases can be complex to litigate. As such, it is important to work with an experienced attorney. At The Williams Litigation Group, we are committed to protecting your interests and rights and helping you hold anyone who breaches them to account. Give us a call today to schedule a consultation with one of our lawyers.