Fiduciary relationships, which can be pivotal to business, legal and financial dealings, are based on the reliance in one party’s commitment to being ethical and setting aside his own personal interests.
Denver Breach of Fiduciary Duty Attorney Thomas E. Downey has been successfully helping his clients with breach of fiduciary cases since 1983.
Unfortunately, however, some people trusted to be fiduciaries do not always live up to their important responsibilities, either because:
They fail to be informed of their duties and make grave mistakes that breach these responsibilities (and that can be costly or detrimental to the parties that are relying on them – i.e., the principals); or
They intentionally choose to violate their fiduciary duties to promote their own gain and interests at the expense of the principals.
In business partnerships, breaches of fiduciary duties may also lead to contract disputes that affect the success of the company. When any breach of fiduciary duties occurs or when allegations of breaching fiduciary duties are made, the Denver breach of fiduciary duties attorney at Downey & Associates, PC will be here to defend your rights and help you resolve your serious legal matters as favorably and efficiently as possible.
Allegations of breaching fiduciary duties may arise when fiduciaries are accused of having:
Failed to be impartial in dealings with creditors or beneficiaries by, for instance, elevating the interests of some over those of others
Intermingled one’s personal funds or finances with the finances or assets of an estate
Made unsound or risky decisions or investments on behalf of principals associated with an estate, trust or fiduciary relationship
Not complied with the terms of an agreement, will or trust by failing to appropriately distribute or divide the assets governed by that document or entity
Used the position of fiduciary to promote one’s own profits, gain and/or interests
Siphoning money or assets from a principal, estate or trust.
The specific people who may be fiduciaries facing such allegations of breaching their duties can include (but are not limited to):
Attorneys
Executors of wills
Trustees
Bankers, lenders, stockbrokers or other financial professionals
Business partners, principals or agents
Family members.
Denver Breach of Fiduciary DutiesLawyer at Downey & Associates, PC
If you believe that a fiduciary has breached his relationship with you or if you have been accused of breaching your fiduciary duties, Denver Breach of Fiduciary Duties Lawyer Thomas E. Downey is ready to protect your rights and provide you with the legal assistance you need.
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 real estate legal issues. Our dedication to our clients, coupled with our extensive experience handling various complex litigation matters, means that our clients can always trust that we will aggressively advocate their rights and that we will help them achieve the best possible outcomes to their sensitive legal matters.
A choice to work with our Denver breach of fiduciary duties attorney can give you confidence that, at every stage of the legal process, your case will be handled with expert care and attention and that we will work diligently to help you resolve your case as favorably and efficiently as possible. We have the integrity, experience and resources necessary to ensure that you will receive the highest level of personal service, the highest quality legal services and, ultimately, the best possible resolution to your case.
Contact Us
From our law offices in Centennial, we serve clients throughout Colorado and the U.S. We encourage you to learn more about your rights and options, as well as our various services, by calling us at (303) 813-1111 or by emailing us using the contact form on this page.
Frequently Asked Questions
What are common defenses against allegations of breach of fiduciary duty?
Common defenses include demonstrating adherence to fiduciary duties, proving that actions were in good faith, or showing that the alleged breach did not cause harm. Our experienced Denver attorneys can help craft a strong defense strategy tailored to your situation.
How can a breach of fiduciary duty affect my business in Denver?
A breach can lead to financial loss, legal complications, and damaged relationships. It's crucial to address any breaches promptly to mitigate these effects. Our Denver attorneys have the expertise to navigate these legal challenges effectively.
Who qualifies as a fiduciary in Colorado business settings, and what duties apply to LLC managers and members?
Fiduciaries include people who undertake to act primarily for another’s benefit in matters within the scope of the relationship. In LLCs, Colorado statute imposes a duty of care on managers and member managers that is limited to avoiding grossly negligent or reckless conduct, intentional misconduct, or knowing law violations. Operating agreements can also shape duties, but statutory limits and public policy still apply. In corporations and partnerships, duties of loyalty and care arise by statute or common law and are informed by governance documents. We analyze the entity type, governing agreements, and statutes to map the exact duties owed. Clear identification of duties is the foundation of both claims and defenses.
What is the statute of limitations for a breach of fiduciary duty claim in Colorado, and when does it begin to run?
Colorado law generally provides a three year limitations period for breach of fiduciary duty claims. The accrual date depends on when the claim arises under Colorado’s limitations statutes, which incorporate discovery principles in many contexts. Because accrual can be fact dependent, prompt investigation preserves options. We evaluate documents, communications, and financial records to determine accrual and tolling issues. Early filing protects claims while negotiations or alternative dispute resolution proceed. Acting within the statutory window is essential to avoid dismissal on limitations grounds.
What remedies are available if a fiduciary breaches their duties, and how do courts tailor relief?
Remedies can include actual damages to compensate for proven losses. Courts may also award equitable relief such as disgorgement and constructive trusts to prevent unjust enrichment. Injunctive relief can preserve assets or stop ongoing misconduct while the case is litigated. Colorado’s civil jury instructions outline elements and damages for breach of fiduciary duty, providing a framework for trial. We craft claims and defenses to align with available legal and equitable remedies. Strategic relief requests help protect the business while positioning the case for resolution.
What steps should I take if I suspect a breach of fiduciary duty?
If you suspect a breach, gather all relevant documents and seek legal counsel immediately. Timely action is vital to protect your interests. Reach out to our Denver law firm to discuss your case and explore your legal options.
Additional Information in Denver, Colorado
Breach of Fiduciary Duty Guidelines: Provides comprehensive guidelines on fiduciary duties, including definitions, standards of conduct, and legal procedures for addressing breaches. It serves as an essential resource for fiduciaries, legal professionals, and individuals seeking to understand their rights and obligations under Colorado law.
IRS Retirement Plan Fiduciary Responsibilities: Understand the key responsibilities of fiduciaries managing retirement plans, including duties of loyalty and prudence, avoiding conflicts of interest, and adhering to the plan documents. Learn about the legal requirements and best practices to ensure compliance and protect plan participants' interests.
Fiduciary Duty Recommendation - SEC Investor Advisory Committee: Provides recommendations for establishing a uniform fiduciary duty for broker-dealers and investment advisers. It emphasizes the importance of clarity in the fiduciary standard, consistent enforcement, and education for both investors and advisers to enhance investor protection and trust in the financial advisory industry.
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Downey & Associates PC represents clients in Denver and in the surrounding Colorado communities including Englewood, Littleton, Aurora, Greenwood Village, Broomfield, Boulder, Westminster, Fort Collins, Colorado Springs, Adams County, Denver County, Arapahoe County, Douglas County, Jefferson County, Boulder County, Larimer County and El Paso County.
