![]() ![]() However, the court in Plank cautioned that just because a stand-alone cause of action is available does not mean that every breach of fiduciary duty will rise to an independent tort claim. However, in 2020, the Maryland Court of Appeals, in a decision often referred to as the Plank case, finally recognized an independent cause of action for breach of fiduciary duty plaintiffs. 689 (1977) ) left many potential plaintiffs unable to pursue independent breach of fiduciary claims. The precedent set in a case from the 1970s ( Kann v. In other words, you could not file a lawsuit based on a breach of fiduciary duty alone there had to be other causes of action. Previously, the Maryland courts long held there was no separate breach of fiduciary duty cause of action. Specifically, the courts finally paved the way for independent breach of fiduciary duty causes of action. Recently, the law on fiduciary duties expanded in Maryland. Maryland Fiduciary Duty Law and Recent Changes The plaintiff can recover damages the defendant caused by providing substantial evidence to support these elements. The damages incurred were a direct result of the breach of fiduciary duty.The fiduciary breached their expected duties (i.e., acted in a manner that contradicted their duty).A fiduciary relationship existed (i.e., the fiduciary owed a duty to the beneficiary).To be successful, the plaintiff in a breach of the fiduciary case must prove the essential elements of the claim. This list is not exhaustive, and if you believe a breach occurred, it is best to contact an experienced attorney to discuss your options. Preventing shareholders from exercising their voting rights.Denying shareholders access to documents, and.Failing to avoid and reveal a conflict of interest,.Self-dealing (e.g., taking a business opportunity from the company for your benefit),.Failing to disclose relevant information and facts,.There are many examples of breaches of fiduciary duty, and they can vary widely depending on the circumstances and role of the fiduciary. Contact our lawyers to discuss the fiduciary relationship you believe exists and how it was breached. Other fiduciary relationships exist, and a breach may be actionable. You may still be owed a duty even if you do not see the precise fiduciary designation above. A corporate officer to shareholders, and.There are several common examples of fiduciary relationships, including: There are many types of fiduciary relationships, some of which you may regularly encounter, even daily. In other words, you cannot sue on behalf of someone else.īy garnering a basic understanding of fiduciary duty and what is expected of a fiduciary, you will be better suited to spot any breaches. Notably, only an individual owed a fiduciary duty can sue for breach of fiduciary duty. A fiduciary is held to a high standard of integrity, honesty, and transparency and, most importantly, cannot benefit at the beneficiary’s expense. If a fiduciary fails to act in the beneficiary’s best interest, they have breached their duty. A fiduciary is someone in a position of trust and confidence. Contact us today to speak with a lawyer! What Is a Fiduciary Duty?Ī fiduciary duty is a legal responsibility for a person to act solely in the best interest of another party. An experienced Maryland employment litigation attorney can assist you in understanding your rights and options for possible legal action. If you believe an individual has breached their fiduciary duty towards you or an entity pertaining to you, you must seek legal advice. Familiarizing yourself with the law, examples, and burden of proof in these actions can give you a better understanding of what to expect. ![]() A breach of fiduciary duty is a serious, complex, and often challenging matter. ![]()
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