Breach of Fiduciary Duty Attorneys in Indianapolis, Indiana

Trust and integrity are the cornerstones of a successful business relationship. When that trust is broken, it can have severe consequences for all parties involved.  

Breach of fiduciary duties occurs when a trustee, agent, or corporate officer fails to act in the best interests of the party they represent, leading to financial loss or other harm. If you believe you are a victim of such a breach, it's important to seek legal assistance immediately. 

At Smid & Merchant, we are experienced in handling complicated cases of fiduciary breaches for clients throughout Indiana, including Indianapolis, Fishers, Carmel, Noblesville, and Zionsville. With years of experience and a client-centered approach, we aim to deliver exceptional value to help protect your interests. Contact us today to schedule a consultation.

How an Experienced Attorney Can Help

Fiduciary duties are trusted legal or ethical obligations that are imposed on certain individuals, such as corporate officers, trustees, or agents. When these duties are breached, the consequences can be devastating. If you've been involved in a breach of fiduciary duty, it's important to speak with an attorney.

Some of the ways an experienced business litigation attorney can help include:

• Complexity: The complications of proving a breach can be daunting. An experienced attorney can sift through the details and build a compelling case on your behalf. 

• Damage control: By involving an attorney early, you can potentially better protect your interests and mitigate potential losses. 

• Restitution: Legal action can help you recover financial losses and other damages as a result of the breach. 

• Negotiation skills: A skilled attorney can negotiate settlements and other legal options that might be beneficial, saving you time and reducing stress. 

• Guidance and support: Legal counsel ensures you have guidance throughout the process, clarifying your options and the best course of action for your situation. 

Types of Breaches of Fiduciary Duty

Breaches of fiduciary duty can take various forms, from minor actions to more severe breaches. Some of the more common types of fiduciary breaches include the following:

• Self-dealing: When a fiduciary acts in their own best interest rather than the interest of the party they represent. 

• Misappropriation of funds: Illegally using or mishandling funds entrusted to them. 

• Conflict of interest: Engaging in activities that conflict with their duties to the client. 

• Negligence: Failing to act with the care and diligence that their role requires. 

• Failure to provide accounting: Not giving a detailed account of financial transactions to the parties they represent, which can hide misuse or mismanagement of funds.  

• Improper investment: Making risky or imprudent investment decisions that do not align with the beneficiary’s best interests, compromising the financial security of the assets.  

• Unauthorized transactions: Conducting transactions or making commitments without the necessary authorization or consent from the represented party, potentially leading to financial loss or liability. 

Indiana Laws Governing Breaches of Fiduciary Duty

Indiana law has comprehensive guidelines concerning breaches of fiduciary duty. Under Indiana Code Title 23, fiduciary duty refers to the obligation to act in the best interests of another party. This includes duties of loyalty, care, and full disclosure. 

• Duty of loyalty: A fiduciary must act in the best interest of their clients, avoiding conflicts of interest and self-dealing. 

• Duty of care: They must act with the care that a reasonably prudent person in a similar position would exercise. 

• Duty of disclosure: Full and fair disclosure of all relevant information to the parties they represent is essential.  

Potential Remedies for Breaches of Fiduciary Duty

Indiana law also provides for remedies in case of a fiduciary breach. These commonly include, but are not limited to, the following:

• Damages: Financial losses resulting from the breach can be recovered through damages. 

• Constructive trusts: If the fiduciary has taken advantage of their position, a court may impose a constructive trust on the property or funds they acquired.  

• Injunctive relief: A court may issue an injunction to stop any harmful actions being conducted by the fiduciary. 

• Criminal penalties: In some cases, a fiduciary breach may be considered a criminal offense, leading to fines and imprisonment. 

Failing to adhere to these duties can attract severe penalties, including financial restitution and punitive damages. Understanding these laws can empower you to protect your interests. 

How Our Firm Can Help

At Smid & Merchant, we approach each case with meticulous preparation and strategic thinking. Our goal is to help protect your interests while aligning our efforts with your business objectives. Some of the ways our experienced attorneys can help include:

• Case evaluation: We will thoroughly evaluate your case to understand the specifics and determine the best course of action. 

• Gathering evidence: We will work with you to collect the necessary documentation and evidence to build a strong case. 

• Representation: Our attorneys will strive to provide robust representation in court or during negotiations to help achieve the best possible outcome. 

• Consultation: We offer ongoing consultations and updates to keep you informed and involved throughout the process. 

• Customized strategy: We strive to tailor our legal strategies to align with your needs and circumstances. 

• Post-resolution support: We aim to help implement and enforce settlements or judgments and offering guidance to prevent future breaches and safeguard your interests.