Fiduciaries, such as attorneys, accountants and even trustees, generally have a financial and/or legal obligation to some other individual or party. When fiduciaries fail to live up to their obligations in this role, they can be sued for breach of fiduciary duties, making them potentially liable for paying a significant amount of damages.

Whether you are a fiduciary or someone who has a relationship with a fiduciary, below are some important facts you should know about breach of fiduciary duties.

Here’s What You Should Know about Breach of Fiduciary Duties

1 – Intent is not necessary to establish a breach of fiduciary duties.

Fiduciaries and those they serve should know these important facts about breach of fiduciary duties, a Denver business lawyer explains.

In other words, fiduciaries can be held liable for unintentional mistakes, as well as intended breaches of duties. Some of the more common examples of the mistakes that can lead to allegations of breach of fiduciary duties include (but are by no means limited to):

• Accidentally comingling another party’s personal assets with the fiduciary’s assets
• Forgetting or failing to keep detailed records regarding assets
• Making risky or unsound investments with the assets a fiduciary has been entrusted to manage
• Failing to accurately represent the status of some asset or estate
• Failing to act impartially in all fiduciary duties.

2 – There are generally 4 things that need to be proved to establish a breach of fiduciary duties.

When allegations of breach of fiduciary duty arise, the following will need to be established in order to prove that a breach of these duties has actually occurred (and, in turn, to win a breach of fiduciary lawsuit):

1. There was a fiduciary relationship in place.
2. The fiduciary failed live up to his or her legal and ethical obligations.
3. The person who is suing (i.e., the plaintiff) was entitled to the fiduciary duties in question.
4. The breach of fiduciary duties caused the plaintiff some damage or harm.

3 – There are viable defenses to allegations of a breach of fiduciary duties.

While allegations of breach of fiduciary duties can arise for various reasons, there can be a number of legitimate defenses against these allegations. In particular, just some possible defense arguments can include that:

• The perceived breach of fiduciary duties never, in fact, occurred.
• The plaintiff relinquished certain rights when entering into the relationship with the fiduciary.
• The case should be dismissed because the statute of limitations has expired.

Contact an Experienced Denver Business Lawyer at Downey & Associates, PC

If you believe a fiduciary has breached his or her duties with you – or if you are a fiduciary who has been accused of breaching your duties, contact Denver Business Lawyer Thomas E. Downey for help protecting your rights and interests. Since 1983, Thomas Downey and the other legal professionals at Downey & Associates, PC, have been providing individuals and businesses in the Denver Metro Area and throughout the U.S. with the highest level of legal service for their business, litigation and other legal issues.

To learn more about your rights and options, as well as our various services, contact our firm today by calling (303) 813-1111 or by emailing us using the contact form on this page.

From our law offices in Centennial, we serve clients throughout Colorado and the U.S.

Trade secrets and confidential information can be the backbones of businesses, and protecting this information can be pivotal to a company’s success and future. Among the various parties that interact with businesses – and that can have access to trade secrets and confidential business information – are a company’s employees.

Below, we’ll discuss how businesses can protect their trade secrets and other confidential information when it comes to employees, specifically focusing on some procedures that should be followed for new and departing employees.

Protecting Trade Secrets with New Employees

When a business hires new employees, in addition to having the new employees sign a standard employment contract (and possibly a specific non-disclosure agreement), a human resources professional should meet with the new employees and do the following to ensure the company’s trade secrets are protected:

• Explain in detail the business’ policy regarding trade secrets
• Provide the employees with a copy of the company’s trade secrets policy
• Ask the employees whether they have signed confidentiality agreements with former employers and whether the employees may have retained any information/documents from those former employers
• Specifically instruct employees not to disclose any trade secrets or confidential information they may have been exposed to at former jobs
• Ask the employees if they understand this information
• Have the employees sign a document stating that they have been informed of and understand the above points.

For Employees Who Are Leaving the Company…

Within five days of an employee leaving the company, a human resources professional should do the following to protect a company’s trade secrets and confidential information:

• Explain that the agreements (like a non-disclosure agreement, for instance) are still binding upon the employee even after that person stops working for the company and gets another job
• Ask the employee if (s)he will be keeping any company documents after leaving his or her job and, if so, what in particular will be retained
• Explain to the employee that the company will sue if (s)he discloses any of the business’ trade secrets or confidential information in the future
• Ask the employee if (s)he understands this information (and possibly have him or her sign a document stating that this information has been explained to him or her and that (s)he understands it).

Contact an Experienced Denver Business Lawyer at Downey & Associates, PC

If you need help protecting your business’ trade secrets or taking action against any party that has illegally shared these secrets (or other confidential information), contact Denver Business Lawyer Thomas E. Downey. Since 1983, Thomas Downey and the other legal professionals at Downey & Associates, PC, have been providing individuals and businesses in the Denver Metro Area and throughout the U.S. with the highest level of legal service for their litigation, property tax and business legal issues.

To learn more about your rights and options, as well as our various services, contact us by calling (303) 813-1111 or by emailing us using the contact form on this page. From our law offices in Centennial, we serve clients throughout Colorado and the U.S.

Winning a government contract can be a boon for any business. From securing a stable source of revenue to making connections with professionals who can help your business in the future, government contracting can be extremely beneficial.

Before your business can enjoy such advantages, however, it first needs to win a government contract. Below, we’ll point out some of the things you can do to optimally position your business for a government contract win.

Position Your Business for a Govt. Contract Win By…

1. 

   Teaming up with another business – Although a certain percentage of government contracts are specifically set aside for small businesses, partnering up with one or two other small businesses when bidding for a contract can be a smart move.

   This is because collaborating with other businesses can establish credibility for your business, potentially lower your bid and possibly even connect you with businesses that already have a history of working on government contracts (thereby helping your business with compliance-related issues).

2. Finding a mentor – If your business has never worked on a bid for a government contract before, finding a mentor is another good move when putting together your proposal. Mentors, which can be found at networking events or even through professional associations, can help businesses efficiently navigate the marketplace and sidestep potential mistakes when putting together and presenting bids for government contracts.
3. Getting certified – Depending on the type of business or work your company performs, getting certified in your field may be another effective way of getting a step ahead of the competition when it comes to winning a government contract. A certification will essentially alert government officials that your business is officially recognized for providing a certain quality/level of services.
4. Focusing your bid on performance and government-centric values – As you develop your proposal for a government contract, two important points of focus that should drive your proposal should be your company’s past performance (i.e., demonstrating a strong ability to deliver goods/services on time) and a clear understanding of what the government client needs (i.e., demonstrating a clear understanding of the client’s values, challenges and goals).

Contact an Experienced Denver Business Lawyer at Downey & Associates, PC

If you need help procuring or complying with a government contract, contact Denver Business Lawyer Thomas E. Downey. Since 1983, Thomas Downey and the other legal professionals at Downey & Associates, PC, have been providing individuals and businesses in the Denver Metro Area and throughout the U.S. with the highest level of legal service for their litigation, property tax and business legal issues. Our dedication to our clients means that they can always trust that we will aggressively protect their rights and interests while helping them achieve the best possible outcomes to their important legal matters.

To learn more about our various services and how we can help your business, contact us by calling (303) 813-1111 or by emailing us using the contact form on this page.

From our law offices in Centennial, we serve clients throughout Colorado and the U.S.