The law recognizes that certain relationships are so important that breaches of those relationships are grounds for damages in civil court. Such a relationship carries what is known as a fiduciary duty, and a breach of that duty may prompt a lawsuit.
If someone owes you a fiduciary duty, it means that he or she has an obligation to place certain interests of yours above their own. These obligations may arise through a formal arrangement, such as a trustee or attorney-client relationship, but they can also form more casually, from a personal, domestic, social, or moral relationship, such as a guardian and a child in his or her care.
Elements of a Breach of Fiduciary Duty Claim
As a plaintiff in a breach of fiduciary duty claim, you must establish specific elements for a successful case. These include:
- Fiduciary duty: This means that the fiduciary relationship must have been already established. If the relationship wasn’t pre-existing, then no trust could have been given or violated.
- Breach of fiduciary duty: An action taken by the fiduciary that resulted in a loss for you is not enough to establish a breach of fiduciary duty. The action must have violated his or her fiduciary duties.
- Damages: Once a breach of fiduciary duty has been established, you must prove that the breach resulted in either damages to you, or benefits to the fiduciary. While it may be obvious why your losses would be grounds for a lawsuit, you can also seek justice against a fiduciary who benefitted from of their breach of duty, as these are considered ill-gotten gains.
The first step to pursuing justice in a breach of fiduciary duty claim is to discuss your case with the experienced attorneys at Shaw Cowart LLP. They will assess the merits of your case and explain all of your legal options.
Contact Shaw Cowart LLP Today
If you have suffered damages as the results of someone’s breach of fiduciary duty, contact Shaw Cowart LLP today online or at 512-858-8862 to schedule a confidential consultation. We serve clients from Austin and surrounding Texas areas.