Texas Business Law Lawyers Handling Breaches Of Fiduciary Duty
When someone becomes your fiduciary, you place your trust in them to protect your money or property. A fiduciary has obligations to the people they protect. These obligations include dealing in good faith, avoiding self-dealing, and adhering to professional standards when acting on your behalf. Unfortunately, there are far too many situations where a fiduciary breaches these responsibilities and an organization, business owner, or investor is damaged as a result. Our Texas business law attorneys assist those who have been damaged by a fiduciary’s failure to meet their obligations. Call our Dallas office today to speak with an attorney.
Dallas attorneys assisting business owners harmed by a fiduciary’s failure to meet obligations
Fiduciaries have several responsibilities in Texas. These include the obligation to disclose any financial information or other information that creates a conflict of interest. They are not permitted to simply put their own interests ahead of yours. Fiduciaries must also comply with all rules and regulations governing their trade and must perform with a reasonable standard of care. Common fiduciary relationships include those with bankers, financial advisors, trustees, officers and directors, business managers, attorneys, accountants, and tax professionals. A breach of one’s fiduciary duties that results in damages is a reason to bring a lawsuit in either state or federal court. Having an attorney to assist you can be crucial.
Consider the following example. Mr. Jones is a member of the board of trustees of corporation “X.” In this role, Mr. Jones owes a fiduciary duty to the company to act in its best interest. This imposes a standard of care that he must comply with when acting as a trustee, including avoiding self-dealing and disclosing potential conflicts of interest. During a board meeting, the CEO presents an opportunity to the board for refinancing the company’s business loans with a new bank. As it happens, Mr. Jones’s wife is a vice president at a different bank and her institution would make a significant profit if the company were to borrow from them instead. Without disclosing his wife’s relationship with the other bank, Mr. Jones argues against the proposed loan package and encourages the CEO to meet with the other bank before the board approves the refinancing. Because he did not disclose the potential conflict of interest to the other board members and the CEO, his actions could constitute self-dealing and may be considered a breach of his fiduciary duties to the company.
Our Dallas lawyers have extensive experience in holding fiduciaries responsible for their wrongful actions. Once retained, we will try to resolve the issue without litigation is possible. If a resolution cannot be reached, then we will file suit with the Court. Throughout the process we will use discovery mechanisms to acquire all information relevant to your case. This can include email correspondence, financial records, and records of the fiduciary’s other business relationships. We will ensure that you are prepared for trial and will aggressively represent you. Our attorneys make the law their business so you can focus on running your business. We are ready to assist you. We service Dallas, Plano, Frisco, McKinney, Denton, Fort Worth, Garland, Irving, Austin, Houston, San Antonio, Nacogdoches, Lufkin, and Center, Texas.
Dallas lawyers assisting business owners with the issues which stem from the breach of a fiduciary duty
Our Dallas lawyers have extensive experience in issues related to business law and assist in the areas that often accompany the breach of a fiduciary’s duty. These other matters may involve a breach of contract, fraud, and theft. Price L. Johnson is a Certified Public Accountant as well as an attorney. He has represented many business owners facing such circumstances. Our firm takes a collaborative approach to dealing with such issues to ensure that no stone goes unturned and that no arguments are unnecessarily missed. We will remain in regular contact with you throughout the process and will promptly return your phone calls.
Do not risk your financial well-being to a lesser experienced lawyer. Call our office today.