When does a breach of fiduciary duty occur in San Diego and what are the potential consequences? Board members and corporate executives who serve in a position of power or authority over business finances owe a legal “fiduciary duty” to the company they serve. This also applies to trustees and those administering estates in San Diego. This fiduciary duty requires them to act in good faith and under a duty of loyalty to the company, corporation, estate or trust they serve. People in these positions of responsibility are legally required to place the interests of the company, trust or estate ahead of their own personal interests and to serve with honor and integrity.
The experienced shareholder rights attorneys and litigation team at the Watkins Firm represent shareholders and beneficiaries in lawsuits and disputes involving the breach of fiduciary duty. We seek immediate protection of the assets or associated company and appropriate compensation and other legal remedies for what has happened. We also defend corporate executives, board members, trustees and executors who are accused of breaching a fiduciary duty. Almost every shareholder dispute, board of director or executive dispute or derivative lawsuit will contain a breach of fiduciary duty claim. The breach of fiduciary duty may arise out of a conflict of interest or the commingling of assets or funds.
Trustees are held to a high level of responsibility and accountability here in San Diego. How does a breach of fiduciary duty occur in terms of a trustee? Trustees are usually responsible for substantial financial and business assets. It is not uncommon for this to lead to a breach of fiduciary duty due to fraud or incompetence. The trustee may attempt to charge excessive fees or make untimely or improper distributions from the trust. They may use the assets of the trust for their own benefit or commingle the funds or assets of the state with their own funds.
If you are concerned about a breach of fiduciary duty in San Diego we invite you to contact us or call 858-535-1511 for a free consultation.