A fiduciary relationship imposes an obligation on one party to act in another other party’s best to the detriment of its own interests. A fiduciary duty does not arise simply from a business relationship or a contract between two parties. Instead, a fiduciary duty is a duty owed in special relationships where the principal has placed a special trust and confidence in the fiduciary and the fiduciary has knowingly accepted the principal’s reliance on the fiduciary to act in the principal’s best interest. The fiduciary has an obligation to exercise good faith and loyalty toward the principal at all times.

Fiduciaries typically are advisors, directors or representatives with access to or control over finances, a business, or personal information. Fiduciary relationships typically arise in situations where a client would rely on a business or professional in some field to provide knowledgeable guidance or representation but may also arise in other contexts. A fiduciary relationship may exist between a trustee, executor, or administrator and a beneficiary under a will, an agent and principal, an attorney and client, a corporation’s board members and the corporation’s shareholders, partners in a partnership, shareholders in closely held corporations, or members in a limited liability company.

Laws governing fiduciary obligations are complex. In order to protect your rights it is necessary to hire an experienced and skilled attorney as soon as you suspect something is wrong. The sooner you call an attorney, the better the chance that the damage to you can be minimized. The attorneys at Derryberry Zips Wade Lawhorn have experience pursuing fiduciaries that have breached their duties of utmost loyalty and they are ready to put that experience to work for you.

When a fiduciary breaches its duty of utmost loyalty by acting in any manner which is against your interests (including acting for the fiduciary’s personal benefit at your expense), you or your business may suffer substantial financial losses and you may be able to receive compensation for your injury. You may be entitled to recover actual damages and punitive damages, obtain a constructive trust, obtain a fee forfeiture or other forms of restitution.

The attorneys at Derryberry Zips Wade Lawhorn know how to handle claims and litigation against fiduciaries for failing to honor their fiduciary duties and they vigorously pursue justice and just compensation for victims of unscrupulous fiduciaries. If you suspect a fiduciary has breached its duty to you, contact us today and put experienced legal advocates to work on your behalf.