Ocala, FL Fiduciary Breaches
Fiduciaries serve an important role and purpose for those in need. When a breach of fiduciary occurs and threatens your commercial assets, rely on trustworthy Ocala commercial attorneys at Schatt Hesser Mcgraw for legal representation. At our commercial litigation law firm, our attorneys value integrity. Not only will we do everything within our legal framework to help you effectively detect fiduciary breaches, but we will show you ways to recover from a breach through diverse solutions.
Understanding Fiduciary Breaches
To understand what constitutes a breach of fiduciary duty, it is first important to understand the roles and responsibilities of a fiduciary.
What is a fiduciary?
A fiduciary is an individual (or institution) who acts in good faith on the behalf of another person. There is a particularly special trust that is placed into fiduciaries, as these individuals are expected to act in the best interest of others. Truthfully, anyone that acts on behalf of another person can be considered a fiduciary. The most common types of fiduciary relationships exists among professionals and clients (i.e. lawyer-client relationships; partner-partner relationships; employer-employee relationship; real-estate broker-owner relationships etc.). Within the field of commercial law, fiduciary breaches typically involve professional relationships that may impact sales arrangements, banking agreements and transactions. An Ocala commercial litigation attorney can help your corporation recover from a fiduciary breach.
The Big Three: Basic Standards of Fiduciary Duty
Fiduciaries are expected to always employ their best judgement to assist and/or advance an individual or institution. There are three basic standards of duty that fiduciaries should adhere to.
1. Duty of Care
As aforementioned, fiduciaries are expected to act and perform in the best interests of the client and/or institution. They are expected to make reasonable decisions that demonstrate concern and care for the client and/or institution. Fiduciaries should not act out of carelessness, ill intentions or negligence.
2. Duty of Loyalty
A strong duty of loyalty is required and expected of fiduciaries. They should behave in efforts that protect the sanctity of a person and/or institution and avoid acts that may lead to betrayal. Whistle blowing and/or revealing private matters with outsiders, competing with a corporation, or secretly gaining/exploiting funds from a person or institution are common breaches of loyalty.
3. Duty of Good Faith
Lastly, fiduciaries are expected to exercise good faith in every action that could directly or indirectly impact the person or institution. Intentional behaviors of wrongdoings and/sabotage are clear examples of good faith breaches.
If you suspect that your fiduciary is not performing his/her duties with a sense of care, loyalty and good faith, contact an experienced commercial lawyer in Ocala, FL.
A Breach of Fiduciary Duty Equals Fraud
As a fiduciary, an individual is perceived as a professional. As such, he/she is expected to possess a special set of skills and expertise. He/she is also expected to utilize such special skills and expertise wisely. Fiduciaries are expected to act with good judgement and to advise their counsel accordingly. Breaches of fiduciaries are perceived as fraudulent forms of behavior in courts of law, suggesting that a professional intentionally acted in harmful ways and misrepresented his/her true skills and worth.
What to Do If You Suspect A Breach
If you suspect a breach, you should contact an experienced commercial law attorney in Ocala, FL. There are many options that you may wish to consider.
- Hire an attorney. Many clients who suspect that a breach of fiduciary has occurred hire commercial attorneys to undergo investigation.
- Fire your fiduciary/Hire a new professional. As a client, you have the right to be represented by professional who you trust will place their self-interests aside to ensure that you gain the best outcome in your unique situation. Firing a fiduciary that you do not trust is risky however, so you should be sure to gain feedback from an experienced commercial lawyer to ensure that this is the right option.
- File a breach of fiduciary claim. As a client that is wronged by a professional, you have the right to file a breach of fiduciary claim. If you work with a commercial litigation lawyer to gather compelling evidence and support you along the way, you can earn thousands of dollars in a settlement.
Commercial Litigation Attorneys in Ocala, FL
At Schatt Hesser Mcgraw, our experienced commercial litigation attorneys have seen it all. From breaches in attorney-client relationships, real-estate broker-owner relationships, and financial advisor-client relationships, we truly understand how professionals can manipulate their roles and the damaging impact that such actions can have on companies. Do not allow a breach of fiduciary duty to destroy you, your company or your assets. Rely on a commercial litigation attorneys today. We offer free initial consultations.