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Fiduciaries have a duty to show the utmost care, loyalty, skill and fairness to their principals.
To constitute a breach of fiduciary duty, four elements must all be met.
These are the four elements that are required to prove a breach of fiduciary duty in New York:
1. There must exist a fiduciary relationship between the plaintiff and defendant. The defendant must owe the plaintiff a fiduciary duty.
2. The defendant must have breached their fiduciary duty to the plaintiff. The plaintiff must present a preponderance of evidence showing that the defendant more likely than not breached their fiduciary duty.
3. The plaintiff suffered damages due to the breach.
4. The defendant’s breach of fiduciary duty is what caused the plaintiff’s damages. The plaintiff must prove that the defendant’s misconduct contributed to the breach.
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