Suing An Estate Executor For Breach Of Fiduciary Duty In Philadelphia
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FAQ
In order to claim remedies for breach of fiduciary duty, a complainant needs to establish four things: There was an existence of a duty between the complainant and the fiduciary. The fiduciary owed a duty of trust and faith to the complainant. There has been a breach of duty by the fiduciary.
Common remedies include: Damages — The fiduciary may be required to compensate the organization or the shareholders for any financial losses resulting from the breach. Disgorgement — Any profits the fiduciary made from the breach may have to be surrendered to the organization.
Legal consequences: There may be major legal ramifications in the event of a breach, including lawsuits and, in some extreme instances, criminal charges. Court cases can result in fines, restitution and injunctions. Boards should conduct regular self-assessments to ensure compliance and fulfill their fiduciary duties.
An executor has a fiduciary duty to always act in the best interest of the estate. This means that if an executor does not act in the best interest of the estate, they may be subject to court intervention and penalties for a breach of their fiduciary duty.
See 42 Pa. C.S.A. § 5525. To establish a breach of fiduciary duty, a plaintiff must prove: 1) that a fiduciary relationship exists; 2) that the fiduciary has committed misconduct; and 3) that the misconduct caused them to suffer damages.
3d 819, 863. “Recovery for damages based upon breach of fiduciary duty is controlled by Civil Code section 3333, the traditional tort recovery. This is actually broader in some instances than damages which may be recovered for fraud. Also, punitive damages are appropriate for a breach of fiduciary duty.
Plaintiffs who have sustained a personal noneconomic injury may sue for breach of fiduciary duty. Examples include emotional distress and even imprisonment (for example, resulting from attorney malpractice).
Breach of fiduciary duty claims are complex, and the proof necessary to win a lawsuit is often not readily apparent or available. These claims can take a lot of time and investigative work to prove. If your claim does not settle, the litigation that ensues can be lengthy and convoluted.
If the board of directors or individual board members have breached a fiduciary duty to the shareholders, the shareholders can bring a lawsuit to protect their interests.
