Protect Yourself And Your Business Against Breaches Of Fiduciary Duty
A fiduciary duty is an obligation to act in the best interest of another party. For example, investment advisers, real estate and mortgage brokers, and attorneys all have a fiduciary duty to their clients’ best interests. Corporate board members owe fiduciary duties to shareholders. Trustees owe fiduciary duties to beneficiaries.
A fiduciary obligation exists when the relationship involves a special trust, confidence and reliance on the fiduciary to exercise his discretion or expertise in acting for the client. The fiduciary must knowingly accept that trust and confidence to exercise his expertise and discretion to act on the client’s behalf.
When one person does agree to act for another in a fiduciary relationship, the law forbids the fiduciary from acting in any manner adverse or contrary to the interests of the client, or from acting for his own benefit in relation to the subject matter. The client is entitled to the best efforts of the fiduciary on his behalf and the fiduciary must exercise all of the skill, care and diligence at his disposal when acting on behalf of the client. A person acting in a fiduciary capacity is held to a high standard of honesty and full disclosure in regard to the client and must not obtain a personal benefit at the expense of the client.
Contact The Rutten Law Firm, APC, In Southern California
If someone has breached their fiduciary duties to you, or you have been wrongly accused of a breach of fiduciary duty, contact us online or call 818-308-5945 today. From our office in Woodland Hills, we represent clients throughout Los Angeles, Orange, Riverside, San Bernardino counties, the Bay Area, and the entire state of California.