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BREACH OF FIDUCIARY DUTY
There was a time when a firm handshake confirmed the trust and confidence in a deal reached or relationship made.  When a person is under a legal or contractual duty to act on behalf of or give advice for the benefit of another within the scope of a relationship of trust, that person has a fiduciary relationship. In less formal circumstances, fiduciary relationships can arise from longstanding dealings between parties, which justify reliance on the fiduciary to act in a person or entity’s best interest.

Formal or informal, a fiduciary relationship relies on the special confidence or trust one places in another. Because of the trust and confidence being placed, certain duties are owed by the fiduciary to the one placing the trust and confidence.  These fiduciary duties include the duties of: loyalty and utmost good faith; fair and honest dealing; integrity; candor; full disclosure; and the duty to restrain from self-dealing.
With the trusting relationship intact and these fiduciary duties in place, people and businesses are more comfortable and encouraged to be completely unguarded in their dealings with their attorneys, accountants, partners, corporate officers, financial advisors, employees, agents, spouses and others in whom they place their trust and confidence.

It is easy to understand the personal and financial devastation that can occur when these professional, business or personal fiduciaries violate that trust and confidence and take unlawful advantage. The feeling of violation can be magnified where the fiduciary has squandered the entrusted finances, technology or ideas in the furtherance of the fiduciary’s personal gain.
In many instances, the victim of a breach of fiduciary duties will suffer lost profits, out of pocket expenses, foreseeable mental anguish, and a host of other damages. The Taft Law Firm can help when you are dealing with Breach of Fiduciary claims or allegations.
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