Fiduciary Lawsuits

Because today's business, banking, and legal environments have grown so complex, most people resort to the employment of professionals such as attorneys, investors, wealth managers, accountants or other professional fiduciaries. Claims for mismanagement of investment accounts, partnership disputes, trust administration disputes, legal malpractice, and for professional misconduct can arise when fiduciaries fail or refuse to satisfy their fiduciary obligations.

Fiduciary Responsibility - Grounds for Litigation

In general, the responsibility of a fiduciary involves the following:

Fiduciaries are required to place the interest of a beneficiary above their own; consequently, fiduciaries cannot place their interests before that of a beneficiary.

Should a situation arise where a fiduciary may have to act in a manner opposed to the interest of a beneficiary, he or she must inform their beneficiary. If a fiduciary would like to act in a manner opposed to their beneficiary, he or she must obtain permission to do so from the beneficiary in question.

Fiduciaries cannot accept a role that would require them to act as a dual agent without first disclosing this information and receiving permission from their beneficiary.

A fiduciary is expected to exercise due diligence in complying with all professional standards of conduct in  exercising their duties. They are expected to provide a maximum level of protection in promoting the interests of a beneficiary.

Demanding Accountability - When Fiduciary Litigation is Necessary

While fiduciaries cannot guarantee financial security, they are not supposed to jeopardize it through negligence and general malfeasance. When fiduciaries undertake actions that deplete trust funds, squander employee retirement savings, or engage in churning to overcharge investors, they threaten the financial security of individuals and families. Leger Adkins works with economists who can accurately determine the losses suffered by the firm's client when financial loss results from a breach of fiduciary duty. In cases involving partnership litigation, the firm evaluates the financial harm suffered by a business, focusing on financial reporting, accounting, and book keeping discrepancies that often conceal embezzlement.

Contact us at the Houston, Texas law firm of Leger Adkins today by calling 713-574-5558 or toll free 877-579-5563.