There is no legal standard of care higher than fiduciary duty. Because of this high duty of care, breaching fiduciary duty is considered very serious. A breach of fiduciary duty may involve a number of duties, including:
- Duty of loyalty
- Duty to account
- Duty of confidentiality
- Duty of care
- Duty of full disclosure
- Duty to act fairly
- Duty of good faith and fair dealing
A breach of fiduciary duty may arise in a number of different contexts:
- Corporate Fiduciary Duties – officers, directors, and controlling shareholders owe a duty to the corporation and to the shareholders
- Partnership Fiduciary Duties – partners must deal fairly with each other
- Duties of Trustees – trustees must administer a trust in the interest of the beneficiary
- Agency Duties – agency duties may arise in broker/customer and attorney/client contexts and may involve one person acting on behalf of another
- Duties of Estate Representatives – estate representatives have a fiduciary duty with the heirs of the estate, and must act fairly and make full disclosure
- Duties of Stockbrokers and Investment Advisers – stockbroker duties often arise through agency status, and require a relationship with their client
- Duties of Real Estate Agents and Brokers – real estate agents and brokers have a duty of full disclosure as to material facts involving a transaction, and must act in the interest of the principal
- Duties Under ERISA – a person who exercises discretionary authority over an employee retirement or medical plan may have a duty to discharge their duties in the interest of the plan participants and beneficiaries
- Duties of Lenders – while the relationship between a lender and borrower is usually that of just a creditor-debtor, under some circumstances, a lender may be considered a fiduciary when it takes control of a borrower, or when a heightened relationship is found to exist between the lender and borrower
- Duties of the Church and its Representatives – under certain circumstances, a member of the clergy may breach a fiduciary duty by engaging in sexual impropriety
- Duties of Professionals – while attorneys have a clear duty to their clients, other professionals may also have a fiduciary duty, depending on the facts and circumstances at issue
The Katz Firm will dedicate the time and attention necessary to effectively and efficiently pursue your breach of fiduciary duty claim. Contact the Katz Firm for a free no-obligation case evaluation.