Q: What constitutes a breach of fiduciary duty?
A: There are three primary forms of breach of fiduciary duty. They include breach of reasonable care, breach of duty of loyalty, and breach of confidentiality. Other forms include acts of fraud and negligent misrepresentation.
In order to bring legal action against a fiduciary for breaching their duties, you must be able to establish the following:
- Existence of a fiduciary duty
- The duty was breached; and
- Considerable damages resulted from the breach.
Q: What damages can I recover in a breach of fiduciary duty lawsuit?
A: You may recover monetary damages for any lost profits that resulted from the breach, fees that you paid to the fiduciary for their services, profits obtained by the fiduciary while you were their principal, and punitive damages may be available as well in specifically defined egregious cases.
Q: Why should I choose McFarlin LLP?
A: At McFarlin LLP, we strive to reach a positive outcome to our client’s legal or transactional matters by implementing our philosophy of practical and effective representation. Placing our client’s needs at the forefront of all engagements is our top priority. Our approach is to conserve client resources wherever possible without sacrificing the quality of our service. For more information, please don’t hesitate to contact our office.