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What is a breach of fiduciary duty in Newport Beach?

Fiduciary duty is an important part of the business world. It can also be present in the private sector when it comes to the will of a person. Fiduciary duty is defined as one party holding an obligation to make decisions and act in the best interests of another party. So, what exactly is a breach of fiduciary duty?

The breach of a fiduciary duty comes down to three main principles:

  1. Whether or not a fiduciary duty actually existed when the dispute took place between two parties;
  2. The duties of the fiduciary assigned and the scope of the relationship between the two parties have been defined;
  3. And whether or not the aforementioned duties were ever breached during the relationship.

If you want to move forward with a legal claim of breach of fiduciary duty, you will need to prove the following three things in such a case:

  1. There was a duty that the defendant had owed to the plaintiff. This can include a duty of disclosure, a duty of good faith, a duty of fair dealing or a duty covering anything else discussed.
  2. The duty mentioned above was breached by the defendant.
  3. The plaintiff in the case must have suffered damages due to the breach of fiduciary duty committed by the defendant. If there were no damages suffered, no action can be taken in such a case.

As you can see, fiduciary duty is a very important title to hold in the financial and private sectors. It's best to have all fiduciary agreements reviewed by an attorney to ensure that they include the proper terminology.

Do you believe you've experienced a breach of fiduciary duty in Newport Beach? An experienced attorney can help you learn more about the right way to move forward.

Source: FindLaw, "Breach of Fiduciary Duty," accessed Nov. 03, 2017

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