When a person is under a duty, created by law or contract, to act on or give advice for the benefit of another within the scope of the relationship, that person has a fiduciary relationship with the other person. Examples of fiduciary relationships include: partners, employees, escrow agents, insurance agents, corporate officers and directors, joint ventures, and attorneys. In certain instances, a fiduciary relationship can even arise from a close personal relationship involving a high degree of trust, influence, or confidence.
Fiduciaries are held to a high standard and required to act fairly toward their principals. For example, a fiduciary must fully disclose facts, be loyal, act in good faith, refrain from self-dealing, and otherwise act honestly.
If you believe a partner or confidant has taken advantage of you or your small business in the Houston area, please contact the attorneys familiar with fiduciary duties that have experience prosecuting same. Call the Vargo Law Firm now.