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Breach of Fiduciary Duty

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Your Rights if You've Suffered Damages as a Result of Breach of Fiduciary Duty

In business, you rely on certain people or entities to act in your best interest. Whether it is your broker, financial advisor, attorney, or accountant, you expect that they will protect your business’s assets. 

Unfortunately, there are instances where fiduciaries fail to act in the best interest of a party resulting in a breach of their duty. In these cases, it is best to retain a business litigation attorney who can help you understand your rights and pursue legal remedies.

At Bailey Cowan Heckaman, we represent businesses and individuals who have suffered damages as a result of a breach of fiduciary duty. We are well-versed in complex commercial litigation, having represented parties in Houston and throughout Texas. If you have experienced a breach of fiduciary duty, contact our office at (888) 367-7160 for a free consultation. 

Proving a Breach of Fiduciary Duty 

To prove a breach of fiduciary duty you will need to establish that you were in a fiduciary relationship with the other party. A fiduciary is held to the highest standard of care and must act in the best interests of their client. Establishing a fiduciary relationship can be challenging without the help of a qualified attorney.

Once a fiduciary relationship is established, you will need to prove that the fiduciary owed you a duty and that duty was breached. For instance, a breach of duty may be found if the fiduciary failed to disclose a conflict of interest that resulted in direct losses to your company or if an accountant fails to keep adequate records.

Finally, you must show that the breach of duty entitles you to relief. Relief in a breach of fiduciary duty case may include monetary damages or equitable remedies.

Types of Fiduciary Relationships

When a fiduciary relationship is created, the fiduciary agrees to act in good faith and usually instills trust in the other party. A fiduciary’s failure to act in good faith or violation of trust may amount to a breach of duty.

Types of fiduciary relationships:

  • Lawyer to a client
  • Employer to employee
  • Accountant to a client
  • Broker/financial advisor to an investor
  • Director to company and shareholders
  • Trustee to trust beneficiary
  • Agent to principal
  • Partner to partner

The mere expectation that someone will act in good faith or the company’s best interests is not enough to establish a fiduciary relationship. To determine whether a fiduciary relationship exists it may be necessary to consult with a qualified attorney.

Fiduciary Duty

Once a fiduciary relationship is properly established, you must show that there was a duty that was breached. The responsibilities of a fiduciary are wide-ranging.

Fiduciary duties include:

  • Acting in a client’s best interest
  • Acting in good faith
  • Disclosing conflicts of interest
  • Fair and honest dealing
  • Confidentiality
  • Completing due diligence

The duties may vary depending on the type of fiduciary relationship. Whether your business partner, agent, former employee, or another party breached the fiduciary duty they owed to you, we may be able to help. Contact our office today to speak directly with a business litigation attorney. 

Get a Free Breach of Fiduciary Duty Consultation Today

Contact our office today for a free consultation on your breach of fiduciary duty claim. We represent individuals and businesses in complex business litigation. Call (888) 367-7160 to get started. 

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