Fiduciary duties arise in many contexts. A fiduciary relationship generally involves one person or entity placing trust and confidence in another person (the fiduciary), who as a result of the special relationship, is under a duty to act for the benefit of the other on matters within the scope of that relationship. Some fiduciary duties are imposed by statute; some exist by virtue of common law. The key to a fiduciary relationship is that one party places himself or herself in a position of vulnerability by vesting trust and confidence in another party who will aid, advise, or protect the principal (the client) in some financial dealing. When this trust is violated, a breach of fiduciary duty may result.
What is a Non-Compete Agreement?
To state a claim for a breach of fiduciary duty, a plaintiff must allege: (1) the existence of a fiduciary duty; (2) a breach of that duty; and (3) damage caused by the breach.
Common examples of fiduciaries include:
- Bank Trust Departments
- Financial advisors
- Investment plan administrators
- Trustees in bankruptcy
- Real estate agents or brokers
- Partners in a company
- Trust account administrators
Eric Renner - Renner Law has litigated numerous cases involving fiduciary-duty law, for both plaintiffs and defendants. Whether the alleged fiduciary duty arises from provision of financial advice, the sharing of confidential commercial information or trade secrets, or a business partnership, Renner Law knows what it takes to litigate and win the case. If you or your business has been damaged by a breach of fiduciary duty by a trusted individual, give Renner Law a call.
Renner Law serves breach of fiduciary duty clients throughout Rhode Island and Massachusetts from its Providence, Rhode Island offices. Call (401) 404-5251 or contact Renner Law online today.