Breach Of Fiduciary Duty Lawyer In Columbus, OH
A fiduciary is someone who acts in the best interests of another person. Under Ohio law, a fiduciary relationship is established when someone has knowingly been placed in a position of trust or confidence for the benefit of one or more other parties. When a fiduciary accepts a fiduciary relationship between themselves and another party, the fiduciary has a duty to act solely in the best interests of that party.
In Ohio, fiduciary relationships include:
- The relationship between an attorney and a client
- The relationship between an accountant and a client
- The relationship between a guardian and a ward
- The relationship between an employee and an employer
- The relationship between a financial advisor and an investor
- The relationship between a trustee and beneficiary
- The relationship between an executor and estate beneficiaries
- The relationship between business partners
A breach of fiduciary duty occurs when the fiduciary fails to act in the best interests of the party that they represent. These are complex cases. Kohl & Cook Law Firm, LLC can help you file a breach of fiduciary duty lawsuit in Columbus or Dayton.
What constitutes a breach of fiduciary duty in Ohio?
In Ohio, those who wish to prove a breach of fiduciary duty must be able to establish that the accused knew they were acting in a fiduciary role, failed to act in the best interests of their client or business partner, and that person’s actions resulted in damages.
Common examples of a breach of fiduciary duty include:
- Sharing trade secrets or insider information
- Failing to follow directions or meet obligations
- Improper use of account funds
- Acting against the best interests of a client or business
- Failure to exercise reasonable care in carrying out duties
- Self-dealing
- Failure to share information regarding accounting or holdings
- Commingling personal and client/estate/business funds
- Losses caused by wrongful acts
- Losses caused by fraud, deceit, or undue influence
What happens when a fiduciary duty is breached?
When one party owes a fiduciary duty to another party and that party fails to act in the best interests of their client, business partner, or ward, then the other party can file a business tort lawsuit against that party to recover damages related to any losses the entity incurred as a result of the breach. If successful, the plaintiff can recover compensation for their losses.
Damages in a breach of fiduciary duty lawsuit
Damages available in a breach of fiduciary duty lawsuit will depend on the individual circumstances of the case. Damages available in a case where an accountant breached their fiduciary duty to a client would be different from those of a trustee who breached their fiduciary duty to the beneficiary.
Contact an Ohio Breach of Fiduciary Duty Attorney Today
Kohl & Cook Law Firm, LLC represents the interests of business partners and others who have suffered damages due to a breach of fiduciary duty. Call our Columbus consumer attorneys today to schedule a consultation and learn more about how we can help.
