KLG Breach of Fiduciary Duty Attorneys
Fiduciary duty is in effect when one individual owes a specific legal responsibility to another party. This requires the financial welfare of the receiving party to be taken into full consideration when the duty is being fulfilled. Any individual who does not fulfill their duty will be met with serious legal repercussions. Numerous public policies cover the legal assistance or financial management aspect of specialized services. The role of a fiduciary is met with a great responsibility to ensure they never obtain profit from performing actions that negatively effect the financial situation of another party. There is always a large amount of gray area when determining if foul play was truly involved in these situations. Fortunately, our fiduciary lawyers have the high-level experience needed to handle these complex determinations to produce successful solutions.
What Is Fiduciary Duty?
Fiduciary duty represents the legal responsibility of a highly knowledgeable party to act in such a way that benefits the receiving party to the full extent of their finances and the law. Fiduciaries complete their responsibility on the behalf of the other party and do not receive any benefits unless the other party consents to this type of agreement to ensure no conflict of interest arises. This responsibility usually falls on the shoulder of knowledgeable professionals to include:
➢ Real estate brokers
If you believe you are liable to a breach in the fiduciary duties owed to you, the lawyers at KLG have over ten 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 have a special list of fiduciary duties they’re responsible for including the duty of loyalty as well as the duty of care.
Duty of Loyalty: There can be no sign of personal financial gains that persuade or dissuade directors of corporations to make certain decisions on behalf of their principal.
Duty of Care: The directors must complete all the extensive background research necessary 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.
The actual breach of fiduciary duty itself is not a criminal offense, but it can emerge when someone takes part in criminal activities.
The damages caused by a breach can include both the current and future losses that occur due to this issue. During the court case, no matter which side you’re on, your KLG attorney will be there with you when the judge and/or jury is determining where the responsibilities lie. After reviewing the facts of each specific case including the severity of the damages, the damages will be officially awarded. These awards usually come in to forms:
➢ Damages: Numerous cases end with the plaintiff being awarded the financial compensation necessary to rectify the damages. This compensation consists of both monetary awards as well as punitive actions taken against the wrongdoer as well.
➢ Equitable Remedies: These are granted by the court to ensure parties know when they are able to either act or refrain from acting if the original legal remedies aren’t set in place are insufficient in resolving their issues. Injunctions and court-appointed receiverships fall into this category along with numerous other unique legal situations.
The Damages Caused by a Breach of Fiduciary Duties
KLG Attorneys Provide You With Local Counsel
If you are an out-of-state plaintiff or defendant, the lawyers at Kleyman Law Group work as your dedicated local counsel. Being a foreign business subject to New York litigation does not stop our lawyers from providing you high-quality advisement on the rules and regulations most applicable to your specific case. Our partner law firms assist us in these complex matters to ensure you always receive exceptional service.
Lawsuits involving a breach of fiduciary duty tend to be extremely complex given they may involve numerous parties including large entities, single individuals, or both. Our experienced lawyers extensively review your case to ensure 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 dedication. 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 in fiduciary duty, contact Kleyman Law Group today to get the dedicated assistance you deserve.