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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 Oklahoma, 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 special trust relationship, fails to do so. This can involve situations where an attorney does not act in the best interest of their client, or a trustee does not properly manage the assets for the beneficiaries. The fiduciary has a duty of loyalty, which means they must avoid conflicts of interest, and a duty of care, which requires them to make informed and prudent decisions. When these duties are breached, the affected party may file a civil lawsuit to recover damages. Oklahoma courts will evaluate whether the fiduciary acted in a manner consistent with the responsibilities entrusted to them, and if a breach is found, the court may order monetary compensation or other remedies to address the harm caused by the breach.

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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

Articles

Oklahoma State Code

Civil litigation

breach of fiduciary duty

Oklahoma State Code

Articles