breach of fiduciary duty

breach of fiduciary duty ˌbreach of fiˌduciary ˈduty breaches of fiduciary duty PLURALFORM noun [countable, uncountable] LAW
when a person or company who has responsibility for managing other people's money fails to protect the interests of the people whose money they are managing:

• The company was in breach of fiduciary duty to the songwriters by keeping 75% of their royalties.

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breach of fiduciary duty UK US noun [C or U] (plural breaches of fiduciary duty)
LAW a failure to responsibly manage money that someone else has trusted you to keep safe: »

They were named in a $100 million civil action for breach of fiduciary duty following the bank's failure.

»

The retirement act gives workers the right to sue employers for breaches of fiduciary duty.


Financial and business terms. 2012.

Look at other dictionaries:

  • breach — / brēch/ n 1 a: a violation in the performance of or a failure to perform an obligation created by a promise, duty, or law without excuse or justification breach of duty: a breach of a duty esp. by a fiduciary (as an agent or corporate officer)… …   Law dictionary

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  • breach — ▪ I. breach breach 1 [briːtʆ] noun 1. [countable, uncountable] LAW an action that breaks an agreement, rule, law etc: • The company wrote a letter of apology to the Israeli government, saying that any breach of the rules was unintentional. • They …   Financial and business terms

  • duty — A tax on imports, exports, or consumption goods. Bloomberg Financial Dictionary There are two main types of duty collected by HM Customs and Excise: one is import duty , which is duty charged on goods imported into the European Union ( EU); and… …   Financial and business terms

  • fiduciary — [[t]fɪdu͟ːʃiəri[/t]] ADJ: usu ADJ n Fiduciary is used to talk about things which relate to a trust, or to the people who are in charge of a trust. [LEGAL] They have a case against their directors for breach of fiduciary duty …   English dictionary

  • duty — du·ty n pl du·ties [Anglo French deuté indebtedness, obligation, from deu owing, due, from Old French see due] 1: tasks, service, or functions that arise from one s position performing a police officer s duties; also: a period of being on duty… …   Law dictionary

  • fiduciary out — USA An exception to the no shop covenant in a merger agreement. Generally, the board of directors of a public target company is subject to a heightened duty of care in a merger transaction and is charged with obtaining the highest value… …   Law dictionary

  • duty of care — see duty Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. duty of care …   Law dictionary

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