Arkansas Jury Instruction - 3.3 Breach of Fiduciary Duty
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In cases such as Cleveland v. Johnson and Hudson v. Wells Fargo Bank, the California Supreme Court has ruled that plaintiffs in breach of fiduciary duty cases also have the right to seek punitive damages in addition to compensatory damages.
Remedies for breach The most common remedies are: Injunction ? an order restraining the fiduciary from committing a breach. Rescission ? an order setting aside an impugned transaction. Account of profits ? an order stripping the relevant gain or profits from the fiduciary.
In the case that a breach of fiduciary duty is proved, the courts may order the following: ?Pecuniary penalty? of up to $200,000 if a declaration of contravention has been made by any person when the contravention is serious and materially prejudices the company and its ability to pay to its creditors or members.
Available remedies for a breach of fiduciary duty can include: Lost profits. Out of pocket losses. Mental anguish damages.
Punitive damages are recoverable in a breach of fiduciary duty case when the plaintiff is able to prove by clear and convincing evidence that the breach was oppressive, fraudulent, or malicious.
Duty to Avoid Self-Dealing A broker hired as a purchasing agent, for instance, may not sell to his principal through a company in which he or his family has a financial interest. The penalty for breach of fiduciary duty is loss of compensation and profit and possible damages for breach of trust.
In particular, just some possible defense arguments can include that: The perceived breach of fiduciary duties never, in fact, occurred. The plaintiff relinquished certain rights when entering into the relationship with the fiduciary. The case should be dismissed because the statute of limitations has expired.