Under the U.S. legal system, "fiduciary duty" is a legal term used to describe the relationship between parties that obligates one to act solely in the best interest of another. The party designated as the “fiduciary” owes this legal duty to a “principal,” and strict care is taken to ensure no conflict of interest arises between the two. Unfortunately, business partners, guardians, trustees and other parties sometimes breach their fiduciary duty, resulting in contentious and prolonged legal disputes. In such cases, it is important to retain the services of an experienced business attorney to protect your best interests.
Elements of a Breach of Fiduciary Duty
A fiduciary duty consists of duty of loyalty and duty of care. Duty of loyalty means that a fiduciary must be loyal to the principal above all others. A fiduciary cannot have more than one fiduciary relationship if duties conflict. Duty of care means that a fiduciary must provide the best possible service or advice possible.
Elements of a breach of fiduciary duty are:
- Fiduciary and principal share a fiduciary relationship
- Principal has trust and confidence in fiduciary
- Fiduciary undertakes such trust and assumes a duty to advise and protect principal
- Fiduciary breaches duties to principal
- Principal suffers damages because of the breach
Examples of Breach of Fiduciary Duty
At Hall & Lampros, LLP, we represent clients in the following breaches of fiduciary duty:
- Self-dealing, also known as taking advantage of a position in a transaction and acting in their own interest, rather than in the interest of the principal
- Usurpation of business or corporate opportunity
- Misappropriation of corporate funds or property
- Misrepresentation, fraud and other deceptive business practices
- Misuse of confidential information or breach of confidentiality
- Failure to disclose
- Providing inappropriate advice or counsel
Call Our Business Attorneys Today
At Hall & Lampros, LLP, our business litigation attorneys in Atlanta have extensive experience in breach of fiduciary duty claims and can provide aggressive and trustworthy representation in an effort to obtain a case resolution that serves your best interest.Call (404) 876-8100 or contact us online to schedule a free case evaluation.