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Civil litigation

breach of fiduciary duty

Breach of fiduciary duty is a cause of action or claim in civil litigation (lawsuits) that provides the legal basis for a person or entity to recover its damages/losses when there is a special relationship based on trust and confidence (attorney and client or trustee and beneficiaries) and the party who owes the fiduciary duty breaches its duty of loyalty (conflict of interest) or duty of care (informed judgment in decision-making).

In Ohio, a breach of fiduciary duty occurs when an individual or entity, who is obligated to act in the best interest of another party due to a relationship of trust and confidence, fails to fulfill their obligations. This breach can involve a failure to act with loyalty, avoiding conflicts of interest, or a failure to exercise proper care and informed judgment in decision-making. Common relationships involving fiduciary duties include those between attorneys and clients, trustees and beneficiaries, corporate directors and shareholders, and partners in a partnership. When a breach of fiduciary duty is alleged, the injured party may file a civil lawsuit seeking to recover damages for losses incurred due to the breach. Ohio courts will evaluate whether a fiduciary relationship existed, whether the fiduciary duty was breached, and whether the breach caused damages to the plaintiff. Remedies may include compensatory damages, restitution, and in some cases, punitive damages if the breach involved fraud or malice.

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Articles

Fiduciaries and Their Duties: Upholding Trust in Transactions

Why does it matter if someone has a fiduciary duty, and how does it impact both everyday people and businesses? Today, we’ll take a look at this important legal concept to demystify the concept of fiduciaries and the responsibilities they bear.

Civil litigation

breach of fiduciary duty

Individual & Family Legal Plan

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Ohio State Code

Ohio State Code

Civil litigation

breach of fiduciary duty

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