Breach of Fiduciary Duty

Full Video Transcript

You may have heard the term fiduciary duty before. It is a legal obligation to act in the best interest of another party. For example, a company’s board of directors owe various fiduciary duties to its shareholders to run the company fairly and wisely. Trustees of a trust owe fiduciary duties to the beneficiaries to manage the assets in a trust responsibly and efficiently. Now these are very important legal duties. The law imposes these duties on people in positions of trust because it would be impossible for the people relying on them to oversee every detail of his or her work. If fiduciary duties are breached, then compensatory damages may be owed to the victims who were harmed as a result. A fiduciary duty can be breached in a variety of ways, such as if the fiduciary acts in his or her own interest instead of in the interest of the beneficiaries. If you suspect you have been harmed by a fiduciary’s breach of duties, contact an attorney in your area to discuss your legal options.

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