Improper Investment Breach of Fiduciary Duty in Texas
Fiduciaries have a great responsibility to serve their clients’ interests. When a fiduciary fails to perform their duties while making investments on behalf of their clients, whether through negligence, greed or an honest mistake, the effects can be devastating.
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A Fiduciary Must Put the Interests of Their Clients Ahead Of Their Own
Simply put, a fiduciary is a person who is entrusted with handling another person’s money or property. A fiduciary can be an accountant, corporate officer, guardian, estate executor, lawyer or investment professional. The responsibilities of a fiduciary include duties of care and loyalty – care for the assets placed in their trust and loyalty to do what’s in the best interests of the beneficiary. Fiduciaries are legally obligated to act only in the best interests of the beneficiary, manage their money and property with care, keep their money and property separate and maintain detailed records of any financial activities made on behalf of the beneficiary.
When making investments for a client, the fiduciary must:
- Use reasonable care when acting on behalf of or advising their clients
- Provide full disclosure to their clients
- Avoid misleading their clients
- Seek the best prices and terms for the transactions they make on behalf of their clients
- Avoid conflicts of interest
- Never use a client’s assets for their own benefit
What Is Improper Investment Breach of Fiduciary Duty in Texas?
A fiduciary has an obligation to act in their client’s best interests, even when this means putting the client’s interests ahead of their own. A breach of fiduciary duty occurs when the fiduciary fails to perform their duties.
Examples of improper investment breach of fiduciary duty in Texas includes:
- Mismanagement of funds
- Failure to disclose key information
- Misleading the client
- Investment fraud
- Conflicts of interest
- Borrowing of money from the client’s account without authorization
- Fraud and embezzlement
- Favoring one client at the expense of another
When an improper investment breach of fiduciary duty in Texas occurs, the fiduciary can and should be held accountable for their actions. Under Texas law, their clients may be able to seek restitution for their losses, whether the breach of duty was an intentional or unintentional act. Restitution can consist of actual damages, exemplary damages, constructive trust, fee forfeiture and other forms of restitution.
In order to prevail in a breach of fiduciary duty claim, the plaintiff must prove:
- The existence of a fiduciary relationship between the plaintiff and the defendant;
- That the defendant breached his fiduciary duty to the plaintiff; and
- That there was injury to the plaintiff or benefit to the defendant resulting from that breach of duty.
A breach of fiduciary duty can result in substantial financial losses for the victims. If you feel that you have been the victim of a breach of fiduciary duty from improper investment in Texas, it is important to seek the help of a skilled attorney with the experience and knowledge to recognize, investigate and establish proof that a breach of fiduciary duty occurred. Hiring a Houston investment malpractice attorney to represent you in your breach of fiduciary duty claim can improve your chances of prevailing in your lawsuit.
Houston Breach of Fiduciary Duty Attorney
Houston fiduciary litigation lawyer Keith Morris is prepared to offer assistance and guidance for a breach of fiduciary duty in Texas. With many years of experience, Attorney Morris has successfully represented clients in a wide range of breach of fiduciary claims.
To discuss your fiduciary litigation issue, please call Keith Morris & Stacy Kelly, Attorneys at Law at (713) 636-5339 in Houston and (817) 442-2048 in Fort Worth to schedule a free consultation with one of our highly qualified Houston business lawyers. We are eager to evaluate the details in your case and provide sound professional advice on how to proceed with your claim. Our clients know they can depend on us to implement an effective legal strategy that highlights the strengths in their case while exposing the flaws in the defendant’s case.
Dispute Resolved Estate Administration & Division of Assets
Resolved highly contentious ongoing dispute over father’s estate and division of assets between son and daughter.
Dispute Resolved Estate Administration Case
Successfully resolved case between two siblings fighting over cash and personal property of their father.
Hearing Won Evidentiary Hearing
Won lengthy evidentiary hearing to prove client was not in contempt of court to avoid sanction or jail time.
Case Won Guardianship Case
Won trial to exclude wife to serve as guardian of gentleman she married that was at least twice her age.
Six-Figure Settlement Reached Multi-Million Dollar Estate Case
Obtained six-figure settlement after jury was seated for adopted child in multi-million dollar estate case after adoption was disputed.
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