A fiduciary relationship creates an obligation to act in the best interest of another. The relationship can take on many forms, for example, a fiduciary relationship may be found between a group of board members and its shareholders, attorneys and their clients, or a trustee and trust beneficiaries. A fiduciary relationship may also be informal and can be created, in certain circumstances, when one party trusts and relies on another to act in his best interest. It is well established in Texas case law that a fiduciary must act with the highest degree of loyalty, good faith, and reasonable care to ensure the interests and needs of the other party are met.
If a fiduciary violates these duties, there has been a breach of that relationship that can result in serious legal consequences. There are three elements necessary for a breach of fiduciary duty claim: (1) there must be a fiduciary relationship between the parties; (2) the fiduciary breached his duties; and (3) the breach proximately caused injury to the other party and/or benefited the fiduciary. All three of these elements must be met before one can bring a cause of action for a breach of fiduciary duty.
If you believe that someone in your life has breached their fiduciary duty or you may have breached a duty to another, you need an experienced and knowledgeable business litigation attorney to help navigate you through the complicated legal process. The attorneys at Kirker Davis LLP are skilled in litigating on behalf of their business clients and will work to achieve the most favorable outcome for your legal situation. Contact Kirker Davis LLP today to schedule an hourly consultation with a business litigation attorney.
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