FRAUD I BREACH OF FIDUCIARY DUTY – What is a Fiduciary Duty? What does a Breach of Fiduciary Duty mean? What is a Fiduciary?
January 07, 2020
What is a Fiduciary Duty?
Some relationships are so important that actions taken in violation of that relationship is grounds for damages in civil court. These relationships carry with them a fiduciary duty and a violation of that duty may prompt a lawsuit claiming Breach of a Fiduciary Duty.
A ﬁduciary relationship is ‘ “ ‘any relation existing between parties to a transaction wherein one of the parties is in duty bound to act with the utmost good faith for the beneﬁt of the other party. Such a relation ordinarily arises where a conﬁdence is reposed by one person in the integrity of another, and in such a relation the party in whom the conﬁdence is reposed, if he voluntarily accepts or assumes to accept the conﬁdence, can take no advantage from his acts relating to the interest of the other party without the latter’s knowledge or consent. . . .’ ” ’ ” (Wolf v. Superior Court (2003) 107 Cal.App.4th 25, 29 [130Cal.Rptr.2d 860]
What is a Breach of Fiduciary Duty?
To succeed on a breach of fiduciary duty claim, a plaintiff must prove the three elements for a cause for Breach of Fiduciary Duty. The elements of a cause of action for breach of fiduciary duty are: (1) existence of a fiduciary duty; (2) breach of the fiduciary duty; and (3) damage proximately caused by the breach. Gutierrez v. Giradi 194 Cal.App.4th 925 (2011)
What is a Fiduciary? What Duties are owed?
A fiduciary is an individual or corporation to whom property or power is entrusted for the benefit of another. Fiduciaries must prudently care for any such assets, and may also have a number of additional duties, depending on the nature of their fiduciary relationship. These duties include, without limitation: a duty of good faith and fair dealing, a duty of loyalty, a duty of impartiality, duty to use reasonable care, duty of confidentiality, duty of undivided loyalty, a duty to delegate, a duty to inform, and a duty to maintain adequate records.
Related Articles and Publications
Causes of Action for Fraud and Breach of Fiduciary Duty in California: For other articles discussing the various causes of action for Fraud in California, links are included below:
For Fraud and Breach of Fiduciary Verdicts in California: Our articles discussing Fraud verdicts in California are included below:
Fraud Damages: Our articles discussing Fraud damages in California are included below:
Recovery from the Victims Of Corporate Fraud Compensation Fund of California: For articles discussing damages:
If you have fallen victim to fraud or have questions or fiduciary duties we encourage you to contact our offices at 619-432-5145 for a free consultation with one of our fraud attorneys and breach of fiduciary duty lawyers.