Massachusetts Jury Instruction - 3.3 Breach of Fiduciary Duty
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FAQ
The standard for proving a breach of fiduciary duty varies from jurisdiction to jurisdiction. Typically, a claim for breach of fiduciary duty includes four elements: 1) the existence of a fiduciary duty; 2) a breach of that duty (through an act or omission); 3) damages; and 4) causation.
Breach of the Fiduciary Duty A plaintiff must show that a fiduciary duty existed between him or her and another person. It is not enough to show that the defendant owes a fiduciary duty to others, or is simply in a position in which a fiduciary duty exists. That duty must apply to the plaintiff as well.
Breach of the Fiduciary Duty The fiduciary must have failed to fulfill their obligations or duties as required by the relationship. This breach can be due to acts of dishonesty, self-dealing, conflicts of interest, negligence, or other violations of the fiduciary duty.
The fiduciary will typically be removed from his role of trust. If financial loss occurred because of the fiduciary's breach of duty, it is possible that the fiduciary will be held accountable for those losses and money will be awarded to those who were damaged which the fiduciary would have to pay.
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.
These include: Fraud that is committed by a trustee or an executor. Embezzlement that is carried out by an administrator or executor. Negligent or intentional oversight or investment of assets that were held in a trust or by an estate.
The Regulations make a broker-dealer or agent subject to a fiduciary duty to a customer when providing investment advice or recommending an investment strategy, the opening of or transferring of assets to any type of account, or the purchase, sale, or exchange of any security.