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Case Number: 0:22-cv-03215
Judge: Katherine M. Menendez
Court: United States District Court for the District of Minnesota (Hennepin County)
Plaintiff's Attorney: Mike Mahoney
Defendant's Attorney: Donald R. McNeil and Elizabeth Ridley Scott
Description: Minneapolis, Minnesota consumer law lawyer represented the Plaintiff who sued the Defendant on a breach of fiduciary duty theory.
"A breach of fiduciary duty is a legal concept that occurs when someone who has a duty to act in the best interests of another person fails to do so. This can happen in a variety of relationships, such as between a trustee and a beneficiary, a director and a corporation, or an attorney and a client.
The specific elements of a breach of fiduciary duty claim will vary depending on the relationship between the parties and the specific circumstances of the case. However, there are some common elements that are typically required to establish a breach of fiduciary duty claim.
The existence of a fiduciary relationship. This means that one party has a duty to act in the best interests of the other party.
A breach of that duty. This means that the fiduciary failed to act in the best interests of the other party.
Damages. The plaintiff must have suffered some type of harm as a result of the breach of duty.
In some cases, the plaintiff may also need to prove that the fiduciary acted intentionally or with reckless disregard for the other party's interests.
There are a number of remedies that may be available to a plaintiff who has successfully established a breach of fiduciary duty claim. These remedies may include:
Restitution: This is a court order that requires the fiduciary to return any property or money that they obtained as a result of the breach of duty.
Damages: This is a monetary award that is intended to compensate the plaintiff for their losses.
Injunction: This is a court order that prohibits the fiduciary from engaging in certain activities.
Disgorgement: This is a court order that requires the fiduciary to give up any profits that they made as a result of the breach of duty.
If you believe that you have been the victim of a breach of fiduciary duty, you should speak to an attorney to discuss your legal options. An attorney can help you determine if you have a case and can help you file a claim for damages.
Here are some examples of breach of fiduciary duty:
A trustee who invests trust funds in risky investments without the beneficiary's knowledge or consent.
A corporate director who uses corporate funds for personal expenses.
An attorney who fails to disclose a conflict of interest to their client.
A financial advisor who makes unauthorized trades in a client's account.
Breach of fiduciary duty is a serious legal matter that can have significant consequences for the parties involved. If you believe that you have been the victim of a breach of fiduciary duty, it is important to seek legal advice as soon as possible."
Outcome: 09/08/2023 31 ORDER DISMISSING CASE. Signed by Judge Katherine M. Menendez on 9/8/2023. (KAT) (Entered: 09/08/2023)