North Carolina Jury Instruction - 3.3 Breach of Fiduciary Duty
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FAQ
The only absolute defence to a breach of fiduciary duty is when the fiduciary gains the fully informed consent of the principle to breach a duty of no-profit or no-conflict. To gain fully informed consent the fiduciary must have provided the principle with all of the facts.
Punitive damages are recoverable in breach of fiduciary duty cases. Cleveland v Johnson (2012) 209 CA4th 1315. 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.
To prove a breach of fiduciary duty claim, the plaintiff must show: 1. the existence of a fiduciary relationship; 2. a breach of the duty owed; and 3. damages proximately caused by the breach.
Possible Remedies for a Breach of Fiduciary Duty A plaintiff may recover for actual damages incurred and, in many states, the plaintiff can also recover for punitive damages, particularly if the plaintiff proves that the defendant's breach was due to malice or fraud.
The Statute of Limitations for Breach of Fiduciary Duty in North Carolina. As per North Carolina laws, the statute of limitations for breach of fiduciary duty is three years.
Available remedies for a breach of fiduciary duty can include: Lost profits. Out of pocket losses. Mental anguish damages. These must be separate from monetary losses and must be foreseeable. Exemplary damages. Also called punitive damages, these damages are awarded to punish the responsible party or parties.
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.
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.