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In fiduciary duty, two types of damages are generally sought: compensatory and punitive. The plaintiff calculates compensatory damages based on actual losses incurred. Punitive damages, however, serve as a deterrent against future breaches.
Breach of fiduciary duty cases is very fact-intensive. To gather the evidence that you need to win your case, you should hire an experienced business attorney immediately.
The fiduciary will typically be removed from his role of trust. If financial loss occurred because of the fiduciary's breach of duty, it is possible that the fiduciary will be held accountable for those losses and money will be awarded to those who were damaged which the fiduciary would have to pay.
The breach occurs when the agent (employee) fails to further the principal (employer) interests or acts in apparent defiance of those interests. Common examples of an agent breaching a duty to a principal include: Personally profiting at the employer's expense. Sharing or selling trade secrets.
In particular, just some possible defense arguments can include that: The perceived breach of fiduciary duties never, in fact, occurred. The plaintiff relinquished certain rights when entering into the relationship with the fiduciary. The case should be dismissed because the statute of limitations has expired.
In the event the fiduciary did act to benefit himself or herself at the expense of the beneficiary, was purposefully dishonest in their business practices, or did not otherwise live up to the duties of loyalty and disclosure, legal consequences can then result.
Available remedies for a breach of fiduciary duty can include: Lost profits. Out of pocket losses. Mental anguish damages.
It must be proved that the damages or losses resulting from the issue were directly caused by the breach of duty. When there are additional factors that the fiduciary could not have foreseen or controlled, a breach of duty claim may not be established.