Breach of Fiduciary Duty Can Be Alleged in Many Areas of the Law
A trustee owes a heightened fiduciary duty to the beneficiaries of a trust. The duties which spring from the fiduciary duty of a trustee are many: duty of loyalty, duty to provide information, and duty to account just to name a few. Oftentimes the beneficiary may be at a disadvantage for fear of the retaliation by the trustee.
If a trustee is believed to have breached any of these fiduciary duties, litigation may occur. The trust will often satisfy the trustee’s attorney’s fees if he/she is defending the trust. On the other hand, if the trustee if defending the allegations personally, the court may deny reimbursement of attorney’s fees.
An executor or independent administrator of a decedent’s estate owes a fiduciary duty to the heirs. An heir, often a relative or loved one, of the decedent may experience a breach of this fiduciary duty if the executor or independent administrator engages in self-dealing (theft), acts in bad faith, or mismanages an estate (waste). The fiduciary can often be removed, transactions unwound, or damages can be awarded in certain circumstances.
Mr. McBride regularly handles breach of fiduciary duty cases relating to employment, trusts, and estates. He attempts to resolve matters out of court but will take them to trial if necessary.
An employee owes a fiduciary duty to his/her employer. An employee can breach his/her fiduciary duty if that person works for another company or accepts an opportunity due the employer. In addition to injunctive relief, the employee can face severe penalties including forfeiture of compensation and punitive damages for breaching his/her fiduciary duty.
Mr. McBride is an Illinois Super Lawyer, named to the prestigious list each year from 2012-2021. Mr. McBride is admitted to the Bar of the United States Supreme Court and the Seventh, Eighth, and Eleventh Circuit Courts of Appeals, and has litigated in numerous other state courts. He has litigated against Fortune 500 companies and local and federal governmental entities and will not shy away from a case simply because the other side is “bigger” or can afford to assign multiple lawyers to the matter.
Update: On January 11, 2021, after a 10-day trial prosecuted by Mr. McBride on behalf of a Firm Client, the Court agreed with Mr. McBride and found that a trustee breached his fiduciary duty to the Beneficiary. The trustee concealed assets from the Beneficiary, failed to provide information to her, and spent her trust assets as a form of retaliation for asking questions. The Court entered judgment against the Trustee personally and awarded $92,243 in damages and also awarded the Client sole possession of a life insurance policy which her Brother withheld from her. Mr. McBride is pleased with the Decision and happy for the Firm Client.
Taking or defending a breach of fiduciary duty case can be a significant undertaking. However, depending on the case, McBride Law Offices, P.C. offers alternative fee arrangements and even flat fees for filing and/or defending some cases. Contact Mr. McBride at firstname.lastname@example.org, or 847-394-3300 to find out how the Firm may be able to help.
McBride Law Offices, P.C. offers free telephone consultations.