A fiduciary duty is the legal duty of a party, called a fiduciary, to act with responsibility of care for the assets or rights of another party. There are many duties and relationships where a fiduciary duty is implicated. For example, corporate officers or a corporation or managers of a limited liability company owe a fiduciary duty to the shareholders or the members, as applicable, of the company. Similarly, attorneys or other professionals may owe a fiduciary duty to their clients. In Virginia, as in most states, an executor or a personal representative of an estate owes a fiduciary duty to the estate and its beneficiaries. There are countless other examples that can create a fiduciary duty or fiduciary obligations.
For a fiduciary litigation consultation, contact the Virginia business and litigation lawyers at McClanahan Powers by e-mail or phone at 703-520-1326. All calls and e-mails are returned within 24 business hours.
Fiduciary Duty and Self Dealing
Occasionally lawsuits arise regarding a breach of fiduciary duty. A common example of this is when the fiduciary violates his duty of loyalty to the assets or rights of another party by "self-dealing." An example of a breach of fiduciary duty is when a corporate director or a corporation or manager of a limited liability company keeps business opportunities for themselves instead of providing them to the company. This type of self-dealing is a breach of fiduciary duty to the company, its members, or shareholders, as applicable. Fiduciary litigation can be extremely complex and factually intensive, as you are scrutinizing the specific decisions or actions of the fiduciary. A skilled and experienced Virginia business lawyer can assist you in enforcing or defending a breach of fiduciary duty case.
Fiduciary Litigation Consultation
To arrange a fiduciary litigation consultation, please call the Virginia litigation and business attorneys of McClanahan Powers at 703-520-1326. Or, to send an e-mail, please complete and submit the online form on this website. Flexible appointment times and payment options are available.