A fiduciary duty exists when one party, the principal, entrusts another party, the fiduciary, to act on their behalf in some way. The fiduciary relationship must be a formal relationship between the two parties where there is a clear obligation of the fiduciary to act in good faith toward the interests of the principal. Most fiduciary obligations involve the careful management of money in some way; however, that is not always the case.
A fiduciary is legally required to exercise the highest good faith when acting in the interests of the principal; the behavior of the fiduciary must not include seeking any benefit or advantage from the relationship other than any fees or salary agreed upon in advance. The fiduciary must not intentionally misrepresent or conceal information from the principal even if the relationship is strained.
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Stockbrokers have a fiduciary duty to properly manage their client’s accounts. That duty arose from a contract between the parties.
- Employers have a fiduciary duty to manage their employees’ insurance policies and retirement accounts and by doing so is not necessarily an element of an employment contract – it is implied.
- Corporate officers and directors have a fiduciary obligation to their shareholders.
- Partners and joint venture participants have fiduciary duties to the partnerships or joint ventures to act in the best interest of the group or entity.
WHY LAMOTHE LAW FIRM
Frank Lamothe and his team of attorneys have had substantial success handling breach of fiduciary duties cases for major corporations and other companies. They have tried and won numerous multi-million dollar cases in federal and state courts throughout the country including Louisiana, Arizona, Florida and Mississippi.
Mr. Lamothe has established a reputation as a skilled business trial lawyer and has received the top listing in the 2007-2014 editions of Louisiana Super Lawyers for business litigation, an honor limited to no more than 5 percent of all attorneys in the state, and was also given a select listing in the Corporate Counsel Edition of Super Lawyers 2010 for business litigation.
He has authored many papers and lectured on business litigation matters, including “Breach of Fiduciary Duties in Louisiana.” Mr. Lamothe has also been highly active in fiduciary duties law, serving as Past Co-Chair of the Fiduciary Duties Subcommittee of the Business Torts Committee of the American Bar Association.
~Listed in Super Lawyers
~Invited member, American College of Trial Lawyers
~Invited member, American Board of Trial Advocates
~Member, The Litigation Counsel of America
~Member, The National Trial Lawyers: Top 100
~Listed as Nation’s Top 1% by the National Association of Distinguished Counsel
Lamothe Law Firm has won national accolades as well.
~Best Law Firms – U.S. News & World Report and Best Lawyers