You may have heard the term “Fiduciary” or “Fiduciary Duty” used with respect to legal claims. A fiduciary is an individual who acts on behalf of another, whom we may refer to as a beneficiary. The relationship is characterized by the beneficiary being vulnerable to the fiduciary and reposing in her or him trust. As a result a fiduciary is charged with obligations of utmost good faith, prudence, and trust. These obligations manifest requirements which include the fiduciary’s duty to place the interest of beneficiaries ahead of their own, avoid conflicts of interest, disclose profits made arising from their fiduciary position, and to exercise prudence in carrying out the responsibilities of their office. Common examples of fiduciaries are Parents, Trustees, Directors of corporations, and in certain cases Financial Advisors.
When a fiduciary breaches one or more of these obligations there may be an action for breach of a fiduciary duty. A good example of facts giving rise to such a circumstance are discussed in the following article:
In this case an accountant was held to account for a breach of fiduciary duty. Part of the compensation he was ordered to pay arose from an order for disgorgement of profits (a commission) which he did the work to earn, but failed to advise the beneficiary of in advance of collecting.
The Ottawa Business Lawyers at Connolly Nichols Allan & Snelling LLP have experience advising both fiduciaries with respect to their obligations, as well as beneficiaries with respect to claims. Our Ottawa Injury Lawyers have secured compensation for beneficiaries owing to the misconduct of fiduciaries. If you have a legal concern involving fiduciary duties, contact the Ottawa Business Lawyers and Ottawa Injury Lawyers at Connolly Nichols Allan & Snelling LLP for a free consultation today.
To make an appointment, or to find out more information, check out our website at www.compellingcounsel.com.