KLG Breach of Fiduciary Duty Attorneys
Fiduciary duty is in effect when one individual owes a specific legal obligation to another party. This requires the financial welfare of the receiving party to be taken into full consideration when the duty is being fulfilled. Individuals who are delinquent in their duties' performance may be subjected to severe legal repercussions. The provision of legal aid or financial management is an integral part of several public policies. When you take on the role of a fiduciary, you take on a significant amount of responsibilities, one of which is to guarantee that you never make a profit by taking activities that have a detrimental impact on the financial condition of another party. There is always a large amount of gray area when determining if foul play was actually involved in these situations or not. Fortunately, our Breach of Fiduciary Duty Attorneys have the requisite expertise to deal with these complex determinations and to offer successful solutions.
What Is Fiduciary Duty?
In a Fiduciary duty, one party has a legal responsibility to another to use their expert knowledge to act in such a way that the other party gets the benefits of their finances and law to the full extent. Fiduciaries fulfill their responsibilities on behalf of the other party and do not earn any profits unless the other party consents to this form of agreement to ensure no conflict of interest arises. This responsibility is often carried out by knowledgeable professionals, such as:
➢ Real estate brokers
If you suspect you are liable for a breach of the fiduciary duties owed to you, the Breach of Fiduciary Duty Lawyers at KLG has more than 10 years of experience helping out clients just like you. This may be you if you’re a member of:
➢ A limited partnership
➢ A corporation
➢ A board of directors
➢ A group of shareholders
These relationships emerge in regard to trusts, wills, and other legal contracts.
A small sampling of other similar classifications include:
➢ Corporate Officer/Shareholder
Are You In a Fiduciary Relationship?
Special Fiduciary Duties for Corporation Directors
Given their high level of knowledge, directors of corporations are responsible for a unique set of fiduciary duties, including the duty of loyalty and the duty of care.
Duty of Loyalty: There must be no indication of personal financial gain that influences or dissuades corporate directors from making certain decisions on behalf of their principal.
Duty of Care: The board of directors must conduct all of the extensive background research required to make accurate and adequate decisions for the business interests of their principal. The interests of individual shareholders and the entire corporation may be at stake if the directors do not fulfill their fiduciary duties.
Although the actual breach of fiduciary duty itself is not a criminal offense, but it can emerge if someone takes part in criminal activities.
The damages caused by a breach can encompass both current and future losses. During the court case, regardless of which side you're on, your KLG's Breach of Fiduciary Duty Attorney will be there with you while the judge or jury determines where the responsibilities lie. Damages will be officially awarded after thoroughly examining each case's circumstances, including the severity of any losses. These awards generally come in the following forms:
➢ Damages: Numerous cases end with the plaintiff being awarded the financial compensation necessary to rectify the damages. This compensation includes both monetary awards as well as punitive actions taken against the offender.
➢ Equitable Remedies: These are granted by the court to ensure that parties know when they can either act or refrain from acting if the original legal remedies aren't set in place and are insufficient in resolving their issues. This category includes injunctions, court-appointed receiverships, and numerous other unique legal circumstances.
The Damages Caused by a Breach of Fiduciary Duties
KLG's Breach of Fiduciary Duty Attorneys Provide You With Local Counsel
If you are an out-of-state plaintiff or defendant, the lawyers at Kleyman Law Group serve as your dedicated local counsel. Our Breach of Fiduciary Duty New York Attorneys will provide you with high-quality advice on the laws and regulations most pertinent to your unique case, notwithstanding the fact that you are a foreign corporation subject to New York litigation. In addition, to guarantee that you always get first-rate service, we enlist the help of top-tier legal firms as partners when needed to handle these complex cases.
Fiduciary duty lawsuits are generally challenging to resolve since they involve numerous parties, including large entities, single individuals, or both. However, our skilled business attorneys will give your case the careful attention it deserves to guarantee that they are always prepared to help you in court if that is the course of action that needs to be taken.
Breach of fiduciary duty allegations must be handled with the utmost care and attention. We are fully aware of the complexities intertwined with these specific cases, and we’re more than prepared to explore every option available to you. If you have been accused or suspect a breach of fiduciary duty, contact Kleyman Law Group today to get the dedicated assistance you deserve.