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Ohio Business, Commercial, Construction, & Consumer Attorneys > Blog > Consumer Law > Breach Of Fiduciary Duty Lawyer In Columbus, OH

Breach Of Fiduciary Duty Lawyer In Columbus, OH

FiduciaryDuty

A fiduciary is someone who acts in the best interests of another person. Under Ohio law, a fiduciary relationship is established when someone has knowingly been placed in a position of trust or confidence for the benefit of one or more other parties. When a fiduciary accepts a fiduciary relationship between themselves and another party, the fiduciary has a duty to act solely in the best interests of that party.

In Ohio, fiduciary relationships include:

  • The relationship between an attorney and a client
  • The relationship between an accountant and a client
  • The relationship between a guardian and a ward
  • The relationship between an employee and an employer
  • The relationship between a financial advisor and an investor
  • The relationship between a trustee and beneficiary
  • The relationship between an executor and estate beneficiaries
  • The relationship between business partners

A breach of fiduciary duty occurs when the fiduciary fails to act in the best interests of the party that they represent. These are complex cases. Kohl & Cook Law Firm, LLC can help you file a breach of fiduciary duty lawsuit in Columbus or Dayton.

What constitutes a breach of fiduciary duty in Ohio? 

In Ohio, those who wish to prove a breach of fiduciary duty must be able to establish that the accused knew they were acting in a fiduciary role, failed to act in the best interests of their client or business partner, and that person’s actions resulted in damages.

Common examples of a breach of fiduciary duty include:

  • Sharing trade secrets or insider information
  • Failing to follow directions or meet obligations
  • Improper use of account funds
  • Acting against the best interests of a client or business
  • Failure to exercise reasonable care in carrying out duties
  • Self-dealing
  • Failure to share information regarding accounting or holdings
  • Commingling personal and client/estate/business funds
  • Losses caused by wrongful acts
  • Losses caused by fraud, deceit, or undue influence

What happens when a fiduciary duty is breached? 

When one party owes a fiduciary duty to another party and that party fails to act in the best interests of their client, business partner, or ward, then the other party can file a business tort lawsuit against that party to recover damages related to any losses the entity incurred as a result of the breach. If successful, the plaintiff can recover compensation for their losses.

Damages in a breach of fiduciary duty lawsuit 

Damages available in a breach of fiduciary duty lawsuit will depend on the individual circumstances of the case. Damages available in a case where an accountant breached their fiduciary duty to a client would be different from those of a trustee who breached their fiduciary duty to the beneficiary.

Contact an Ohio Breach of Fiduciary Duty Attorney Today 

Kohl & Cook Law Firm, LLC represents the interests of business partners and others who have suffered damages due to a breach of fiduciary duty. Call our Columbus consumer attorneys today to schedule a consultation and learn more about how we can help.

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