Francelina M. Perdomo Klukosky, Esq.
Manhattan, NY: (212) 980-7206
Breach of Fiduciary Duty
Breach of Fiduciary Duty Lawyer NYC - Francelina M. Perdomo Klukosky of Perdomo Law
Breach of Fiduciary Duty Law Firm, Perdomo Law in Manhattan New York, NY
Financial security protects people and businesses. Without money, people struggle to stay clothed, sheltered, and fed. Businesses cannot operate without adequate financial support. A fiduciary is an individual or organization responsible for managing and protecting money for someone else. Many rely on the skills and honesty of fiduciaries and can suffer when they fail to perform their responsibilities adequately.
What is a Breach of Fiduciary Duty?
A complaint of a breach of fiduciary duty occurs when someone loses money based on the negligence of the person or company handling their funds. Specific examples of how the breaches of fiduciary duty happen can vary based on the situation. Fiduciaries should always take actions that are in the best interests of their clients. The breaches occur when the fiduciary makes choices that only benefit their self-interest.
A Breach of Fiduciary Duty Law Firm can only represent clients in a claim if the breach led to financial losses. The client must prove the defendant caused the loss they experienced. A client, for example, cannot hold an investment firm responsible for losses to a retirement fund from typical unpredictable shifts in the stock market. A better case for the client is if they could prove their broker made reckless investments against the wishes of their clientele.
Who Would Need a Breach of Fiduciary Duty Lawyer?
An individual, corporation, or non-profit can file a breach of fiduciary claim if they meet the basic standards of the litigation. The client may lose money or not make as much as expected because of the behavior of the fiduciary. The cases can include business relationships or involve families where certain members use funds from trusts or other accounts for their purposes rather than as intended.
In some instances, the fiduciary may take actions that do not directly involve handling cash but still cause financial damage to someone who entrusted them with their finances. Employees committing a breach of fiduciary duty are examples of these cases. Employees that give trade secrets to competitors or use their employer's training to build a competing business act in their self-interest without regard to their expected fiduciary duties.
A breach of fiduciary duty case must meet these standards for a successful case:
- The defendant must have held a fiduciary role toward the beneficiary/plaintiff
- The plaintiff must show financial damages
- The plaintiff must prove the losses were related to the fiduciary's actions
- The plaintiff must also show the actions were breaches of duty and not expected risk
When Should You Hire a Breach of Fiduciary Duty Law Firm?
Businesses, individuals, and any other entity that experienced financial losses because of the failure of someone else to follow through with a fiduciary agreement should contact an attorney. Expect to show proof of the claim in several ways.
- Proof of Relationship: Show proof of a fiduciary-beneficiary relationship between the entities. The relationship could include either a specific contracted position or it could be standard behavior in their role as an employee or business partner.
- Proof of Losses: Show proof of losses based on the actions taken by the fiduciary.
- Proof of Breach: Show how the fiduciary acted irresponsibly, was deliberately malicious or caused harm to benefit themselves.
Why Should you Hire an Attorney for a Breach of Fiduciary Case?
Victims of financial crimes need a reliable Breach of Fiduciary Duty Attorney to handle their case. It is often impossible to make reliable agreements for repayment with someone already proven untrustworthy. The laws of each state can vary, so New York residents must have a law firm with an understanding of the state laws to provide the most protection. A Breach of Fiduciary Duty Lawyer should initially review the case with the client to make sure adequate proof exists for the claim.
Once the law firm determines the client has a case, the lawyer will help the client prepare.
- Show a relationship between the plaintiff and client as fiduciary and beneficiary
- Gather documents like contracts, receipts, and statements regarding all financial matters
- Show communication about finances between the parties
- Submit any information that shows proof of unexpected or unnecessary losses
- Expose third-party involvement (if any) in the breach that could lead to additional defendants in the case
- Compile a list of damages to provide to the court for compensation
Existing Business Needs and Litigation Support Package
Established businesses also have legal needs. Success can make a company more vulnerable to competition and litigation. Busy schedules can lead to mistakes. Francelina M. Perdomo Klukosky can look over contracts, goals, and procedures to see the details the people involved in the work may have overlooked. Our firm can assist with:
- Review existing contracts, provide comments, and redraft for improvement
- Provide opinion letters regarding contract enforcement
- Explore out-of-court settlement options for existing disputes
- Create a litigation plan for potential and existing disputes
Contact Breach of Fiduciary Duty Attorney, Francelina M. Perdomo Klukosky for a Case Assessment
Contact a litigation attorney for a case assessment. An established team of professionals can answer any questions you may have about your case. A breach of fiduciary duty attorney will determine if enough evidence exists to proceed with a claim. Perdomo Law is a leading New York law firm capable of managing all your needs.
Please contact us for a case assessment.
Perdomo Law
1270 Avenue of the Americas
Suite 2005
New York NY 10020
Phone: (212) 980-7206
Suite 2005
New York NY 10020
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