Fiduciary Duty: A Brief Overview

Arlington breach of contract lawyers can explain that fiduciary duty is among the highest imposed by law. It refers to the duty that one has to care for the rights or assets of another person or other entity. The person holding this responsibility is known as the fiduciary, and they must act in the best interests of the entity or person to whom the duty is owed. They must do so even if it’s not in their own best interests.

Fiduciary Basics

Examples of fiduciaries abound. They include members of the board of directors for a corporation or homeowners’ association, who must act in the best interests of shareholders, employees and residents. Attorneys, accountants and insurance agents may also be fiduciaries. When a fiduciary puts their own interests ahead of your own, they breach their fiduciary duty and may face serious repercussions. Arlington breach of contract lawyers are routinely retained to assist in such matters.

Breach of Fiduciary Duty

Fraud and insider trading are examples of breaches of fiduciary duty. Those who are convicted of these and similar crimes often face civil, not criminal, penalties. However, if the breach was done maliciously or intentionally, punitive damages may be awarded as well. In very rare instances, such matters are handled in criminal court rather than civil court.

Hire an Arlington Business Attorney

If someone has breached their fiduciary obligation to you or you are being accused of doing the same, the help of knowledgeable Arlington breach of contract lawyers is in order. Contact Garry Miracle at (813) 655-3136 today.