Breach of Fiduciary Duty
The concept of a fiduciary duty is a longstanding legal principle. These duties exist whenever you place your confidence and trust in another party or with someone who claims to have superior knowledge and experience. This may involve business partnerships, a relationship with an attorney, or your relationship with a broker or financial advisor. In such situations, you are considered the principal and the other party is the fiduciary. If you ever feel that your fiduciary has violated your trust, and that violation caused you financial harm, call the attorneys at Block & Landsman to help you recover the losses from the breach of fiduciary duty by the other party.
What Are the Fiduciary Duties?
Generally, there are two types of fiduciary duties: the duty of care and the duty of loyalty. Whether either or both of these applies will depend on the nature and context of the fiduciary relationship. An attorney experienced in pursuing breach of fiduciary duty claims can help you understand which duties may apply in your situation. Depending on the details of your case, you may be able to initiate not just breach of fiduciary duty claim, but also acclaim for an unsuitable investment.
When you re concerned that your financial advisor has breached his or her fiduciary duty, consider talking with a securities lawyer to determine whether you have a cause of action. For example, perhaps your broker recommends that you invest in a new venture. Unbeknownst to you, your broker is a part-owner of that business. An attorney would explain that your investment decision should be based upon complete and honest disclosure. If the broker was acting more in his interest than yours, you may have a remedy.
The same is true if you own a business through a partnership, limited liability company, or joint venture. Each partner has a fiduciary duty to the business and partners. If any partner acts in their own best interests rather than the interests of the company, they may be breaching that duty. In such cases, we can initiate business litigation against that partner to halt the improper actions and/or recover financial damages caused by the partner’s actions.
Protect Your Financial Interests
Whether you are building a business or working on increasing your personal wealth, putting your trust in the wrong parties can affect you, your business and your family. At Block & Landsman, we represent individuals and businesses in securities and commodities litigation, restrictive covenants/non-compete agreements/employment agreements, industry disputes, churning claims, and claims for financial fraud. For more information on how to protect your financial interests, contact the lawyers at Block & Landsman today at 312-251-1144.