Fiduciary Duties Lawsuits and Cases
Fiduciary duties lawsuits and cases involve the relationship between two parties that obligates one party to act solely in the interest of the other party. The fiduciary party is one that knowingly accepts that trust and confidence to exercise his or her expertise and discretion to act on the other’s, the client’s, behalf. We work with several types of fiduciary duties lawsuits and cases, including:
- Professional fiduciary duties lawsuits
- Accounting issues and fiduciary duties lawsuits
- Shareholder problems and fiduciary duties lawsuits
- Trade secret conflicts and fiduciary duties lawsuits
The types of relationships that can create fiduciary duties lawsuits are varied, but some are listed below.
Officers and directors of a corporation, which owe fiduciary duties to their shareholders. For instance, they cannot enter into deals for the company which benefit them personally over the shareholders’ interests. As an example of a shareholder fiduciary duties lawsuit, our firm represented a former officer and engineer who also owned 25% of corporate shares, who was terminated by a new officer. The officer led the company into guaranteeing the debt of the officer whose company bought a building into which the company moved, paying rent to the officer’s separate company. The company learned that the client would be suing the company, and filed a retaliatory lawsuit for supposed “misappropriation of trade secrets”. Eventually the case resolved on terms favorable to our client.
Trustees owe duties of trust to the beneficiaries of a trust, to act in the interests of the trust and the beneficiaries. Self-dealing is not permitted.
Bailment. Sometimes, a certain party will agree to hold funds in trust for another party, either for compensation or as a favor. That person has a duty to segregate the funds and keep them separate from his or her own funds.
Our firm has represented clients whom left funds with a close relative for safekeeping until they could obtain US residency. But the relative who agreed to hold the money in trust instead allowed the creditors of his businesses, which failed, including creditors like suppliers and tax authorities, to seize the funds that were in the account. The relative had a fiduciary duty to hold the funds safe from his creditors and to insure the funds were there for the family.
CPAs and clients. CPAs and accountants also owe fiduciary duties of loyalty and confidence to their clients.
Attorneys and clients: The firm does not handle malpractice cases.
Wealth managers and financial advisors owe fiduciary duties to their investing clients, both to advise in a way that is primarily for the client’s benefit and in a way that avoids inside trading or self-dealing.
Brokers and agents owe fiduciary duties to their clients as well. See the real estate lawsuits page.
Fiduciary duties lawsuits and cases are very common and occur all the time. Fiduciary duties lawsuits arise from a wide variety of situations and circumstances, like the ones described above, and many others. Our firm has the experience needed to win these types of fiduciary duties cases for you.
If you have a case and possible lawsuit similar to these, contact Ken Ralidis at 213.251.5480 today to see how he can help you get the compensation you deserve. We have often obtained results for our clients that are 10-25 times what the initial offer was. Don’t just settle for any attorney that may not have the experience, or a big law firm that doesn’t have the time or resources for a case like yours. Reach out to Ken Ralidis for his experience and the personal attention he offers. We can help you win your case!