Minnesota Jury Instruction - 3.3 Breach of Fiduciary Duty
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FAQ
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.
Consequences for a Breach of Fiduciary Duty Losses resulting from a breach of fiduciary duty can include: financial losses ? investments, bank accounts, trust funds. physical or mental suffering from abuse by a medical professional. ethical breaches by a lawyer, accountant, or other regulated professional.
Any person who is a fiduciary with respect to a plan who breaches any of the responsibilities, obligations, or duties imposed upon fiduciaries by this subchapter shall be personally liable to make good to such plan any losses to the plan resulting from each such breach, and to restore to such plan any profits of such ...
These include: Fraud that is committed by a trustee or an executor. Embezzlement that is carried out by an administrator or executor. Negligent or intentional oversight or investment of assets that were held in a trust or by an estate.
Punitive damages are recoverable in breach of fiduciary duty cases. Cleveland v Johnson (2012) 209 CA4th 1315. Punitive damages are recoverable in a breach of fiduciary duty case when the plaintiff is able to prove by clear and convincing evidence that the breach was oppressive, fraudulent, or malicious.
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 penalties for a breach of fiduciary duty are typically monetary and direct compensation for financial and other losses. There can also be attorney fees, court costs, and other legal expenses.
The fiduciary duty is breached where the agent's personal interests and fiduciary duty conflict, where the fiduciary's duty conflicts with another fiduciary duty, or where the fiduciary profits from his position without the principal's express knowledge and consent.