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Attorney for Breach of Fiduciary Duty

Los Angeles Business Litigation

Fiduciary duty is a commitment that makes up a legal and ethical relationship of trust and obligation to ensure that one party acts in the best interest of another party with regard to the management of money or property. In a perfect world, there wouldn't be disputes or disagreements between the fiduciary and the other party or parties involved. A breach of fiduciary duty can occur for various reasons in business, real estate, and other areas in which personal interests interfere with fiduciary duties. If you intend to take legal action against another for breach of fiduciary duty, or if you are being unfairly accused of doing the same, it is strongly advised that you contact a qualified Los Angeles business lawyer who will work diligently in an effort to successfully resolve your case.

What is fiduciary duty?

Fiduciary duties relate to relationships between trustees and beneficiaries, real estate agents and consumers, stock brokers and investors, lawyers and clients, corporation board members and shareholders, and others. A fiduciary has the obligation to provide all of the skill, care and diligence that is at their disposal and clients are entitled to receive a high ethical and professional standard of service, as well as full disclosure.

A person, partner or business will enter into a fiduciary relationship when it is necessary to access specific expertise in a certain field. A fiduciary is obligated to exercise their discretion when acting on their client's behalf. This relationship is therefore based on trust, confidence, and loyalty. The fiduciary is prohibited from acting in any way negatively or opposite to the interests of the client, or in such a manner intended for the fiduciary's own benefit. When this occurs, it is known as a breach, and it can come in a variety of forms, including:

  • An attorney who is negligent with their client, thus constituting legal malpractice
  • Insider trading relating to an insider or related party who conducts trades in a corporation's securities based on material non-public data taken while performing duties at the corporation
  • Acts of constructive fraud based on actions, omissions or concealments that give the fiduciary an advantage over the client

If a fiduciary is proven to have profited, benefited, or gained from the relationship through conflict of duty and interest, conflict of duty to one individual and duty to another individual, or through taking advantage of their fiduciary position, they will be held liable.

Business Dispute Remedies: Los Angeles Business Attorney

Although solutions for breach of fiduciary duty are not the same across the board, an attorney with experience handling these types of cases will have the legal insight and knowledge to determine the most effective course of action. Remedies typically vary based on the degree of damage to the client or benefit experienced by the fiduciary. These solutions are typically characterized by proprietary remedy, which deals with property, and personal remedy, which deals with pecuniary (monetary) compensation. Some common remedies for breach of fiduciary duty include:

  • Constructive trusts, which usually involve a fiduciary breach that is easy to identify, help resolve a dispute when the court creates and imposes a duty on the fiduciary to hold the money in safekeeping until it can be rightfully given to the main client.
  • Account of profits has to do with continuous breaches of duty or fiduciary unlawful gains that are more difficult to identify. The main idea is similar to constructive trusts in that any unethically obtained profit acquired by the fiduciary must be given back to the client. However, separating these profits from the profit acquired from the fiduciary's own effort and ingenuity is what distinguishes account of profits as a remedy.
  • Compensatory damages sometimes serve as an alternative to accounts of profits and allow for a more straightforward identification of fiduciary breaches of duty in relation to the amount of profit acquired.

At Matthews Law Firm, Inc. we have helped our clients obtain successful solutions to their problems for more than two decades. We are ready and available to provide you with aggressive and trustworthy representation in an effort to obtain a case resolution that serves your best interest and the best interests of your business. To learn more about our firm or to secure a evaluation of your case, please contact a Los Angeles breach of fiduciary duty lawyer today!

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Matthews Law Firm, Inc. - Los Angeles Business Lawyer
Located at 1801 Century Park East, 24th Floor, Los Angeles, CA 90067. View Map
Phone: (800) 449-4850.
Local Phone: (310) 556-9620.
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The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.