A fiduciary duty exists in law when a person or entity places trust, confidence, and reliance on another to exercise discretion or expertise in acting on behalf of the client. The fiduciary must knowingly accept that trust and confidence. In the U.S. legal system, a fiduciary duty describes a relationship between two parties that obligates one to act solely in the interest of the other. The party designated as a fiduciary owes duty to a principal, and strict care must be taken to ensure that no conflict of interest arises between the fiduciary and the principal.

Fiduciary duties are taken on by many people for many beneficiaries. They include lawyers acting for clients, company executives acting for stockholders, guardians acting for their wards, financial advisors acting for investors, and trustees acting for estate beneficiaries, employees for employers, etc.
Each of these relationships is different, but in all cases, a breach of fiduciary duty occurs when a principal fails to act responsibly in the best interests of a client. Case law indicates that breaches of fiduciary duty most often happen when a binding fiduciary relationship is in effect and actions are taken which violate or are counterproductive to the interests of a specific client.

If you believe a fiduciary duty owed to you has been violated, you may be able to bring a legal action to rectify the damage. Contact our experienced business attorneys to evaluate a potential case.

Breach of Fiduciary Duty

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