Tennessee Jury Instruction - 3.3 Breach of Fiduciary Duty
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Available remedies for a breach of fiduciary duty can include: Lost profits. Out of pocket losses. Mental anguish damages.
In cases such as Cleveland v. Johnson and Hudson v. Wells Fargo Bank, the California Supreme Court has ruled that plaintiffs in breach of fiduciary duty cases also have the right to seek punitive damages in addition to compensatory damages.
Remedies for breach The most common remedies are: Injunction ? an order restraining the fiduciary from committing a breach. Rescission ? an order setting aside an impugned transaction. Account of profits ? an order stripping the relevant gain or profits from the fiduciary.
In the case that a breach of fiduciary duty is proved, the courts may order the following: ?Pecuniary penalty? of up to $200,000 if a declaration of contravention has been made by any person when the contravention is serious and materially prejudices the company and its ability to pay to its creditors or members.
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.
A breach of fiduciary duty occurs when the fiduciary acts in his or her own self-interest rather than in the best interests of those to whom they owe the duty.
Any action alleging breach of fiduciary duties by members, managers, directors or officers, including alleged violations of the standards established in § 48-249-403 or § 48-249-404, must be brought within one (1) year from the date of the breach or violation; provided, that in the event the alleged breach or violation ...