The Most Important Elements in a Breach of Fiduciary Duty Claim
When a person owes a fiduciary duty to another person or entity, they have the responsibility to act in the best interest of the other party. A fiduciary duty is the highest standard of care you can ensure to another person. Oftentimes, fiduciary duties are designed to benefit person or entity that is dependent on the fiduciary. Fiduciaries can be business partners, trustees, investment advisors, agents, or executors for example.
While fiduciary duty is designed to ascertain the highest degree of loyalty, some may go against their responsibilities and act in the best interest of themselves. A breach of fiduciary duty can lead to disastrous consequences for the affected party. If you have fallen victim to someone else’s breach of fiduciary duty, you may be able to pursue legal action against them. In order for a breach of fiduciary duty claim to be successful, it is important to establish the following elements in the case.
The Defendant Was a Fiduciary of the Plaintiff
A fundamental element that must be proven is the existence of the defendant’s fiduciary duty. The lawyer must be able to show that the plaintiff had a fiduciary relationship with the defendant in the first place.
The Defendant Breached Their Fiduciary Duty
Next, there must be sufficient evidence that the defendant acted in a manner that contradicts their fiduciary duty. Behavior that is self-serving or fraudulent is sufficient in proving a breach of fiduciary duty.
The Plaintiff Suffered Damages
A successful breach of fiduciary duty case elucidates the damages a plaintiff suffers. By clearly showing the damage inflicted, the plaintiff can receive proper compensation for their losses.
The Plaintiff’s Damages Were Caused by the Breach
Finally, it is crucial to illustrate that the damage experienced by the plaintiff was caused by the defendant’s breach of fiduciary duty. There must be a clear relationship of causation between the breach and the damage inflicted.
Have You Been Affected by a Breach of Fiduciary Duty?
A fiduciary is legally obligated to provide their utmost care and loyalty to another person. When this trust is violated and they act in their own interests instead, the affected party can take legal action. If you are someone who has been affected by another person’s breach of fiduciary duty, you may be able to gain back the damages you experienced.
In order to have a successful breach of fiduciary duty claim, you will need an experienced lawyer who can guide you through the entire legal process. Legal procedures are often complex, which is why our team at King & Jones is here to help. Our skilled Chicago breach of fiduciary duty lawyers understand the frustration a breach of fiduciary duty can cause, and we are committed to helping you recover all damages received. To schedule a free consultation with us, please do not hesitate to contact us through our online form, or simply give our office a call at 312-372-4142 today.