A fiduciary relationship exists when one party owes obligations to the other that are based on a level of trust. Often, the fiduciary is a professional who the other party relies on for guidance and advice.
Examples of fiduciaries include:
Additionally, corporations owe fiduciary duties to shareholders, and business partners owe fiduciary duties to one another.
A wide range of legal and equitable remedies are available in a breach of fiduciary duty lawsuit. As a consequence, a breach of fiduciary duty can be costly to the aggrieved party. Likewise, the exposure of the party allegedly in breach of their fiduciary relationships can be considerable.
If you are a potential plaintiff or defendant in a breach of fiduciary duty lawsuit, contact a breach of fiduciary duty attorney at the law firm of King & Jones. Our lawyers have decades of experience handling fiduciary duty cases in Chicago and nationwide. You can count on King & Jones to represent your interests and work to achieve a satisfactory resolution regarding fiduciary duty claims.
Fiduciary duties typically arise in a professional or contractual relationship where one party relies on the superior knowledge or expertise of the other or where both parties owe reciprocal duties of trust to one another. Common fiduciary duties include:
Consider the following examples, which might help explain the nature of fiduciary relationships in certain circumstances:
Breach of fiduciary duty could form the basis of a malpractice lawsuit or complaint against a lawyer, accountant, or other professionals. However, there are other breaches or misconduct that could give rise to a malpractice complaint as well.
For example, if a lawyer misses a filing deadline or misrepresents a settlement offer, an injured client may have grounds to bring a legal malpractice claim. Similarly, an accountant might violate a fiduciary relationship by miscalculating financial records or falsely reporting information to the IRS on behalf of a client.
You can learn more about legal malpractice claims and other professional malpractice issues by speaking with a legal malpractice lawyer at King & Jones. As experienced business litigators who handle breach of fiduciary matters as well as cases alleging legal malpractice or accounting malpractice, the fiduciary duty attorneys at King & Jones are equipped to analyze your dispute and determine the appropriate steps to take.
Breach of fiduciary duty claims allow the injured party to request a variety of damages and remedies. Even if the fiduciary relationship is based on a contractual relationship between the parties, the wronged party can recover money damages as in a business tort as opposed to a breach of contract claim.
Depending on state law in the jurisdiction governing the dispute, punitive or exemplary damages might be available as well. Tort damages are often considerably higher than contract damages, thus raising the stakes for both plaintiffs and defendants in a breach of fiduciary duty case.
Equitable relief might also be appropriate in a breach of fiduciary duty matter. Equitable remedies can include:
Judges generally have broad authority to fashion an equitable remedy they deem fair under the given circumstances.
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If you find yourself on either side of a dispute involving an alleged breach of fiduciary duty, legal malpractice case, or other business tort law dispute, don't delay. Reach out to a skilled and knowledgeable Chicago breach of fiduciary duty lawyer today. We can explain how to handle the situation and represent you in any legal proceedings. In Chicago or nationwide, call the law firm of King & Jones at 312-372-4142 or complete the simple form below.