breach of fiduciary duty
- breach of fiduciary duty ˌbreach of fiˌduciary ˈduty breaches of fiduciary duty PLURALFORM noun [countable, uncountable] LAWwhen 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.
* * *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
Fiduciary — One party, for example a corporate trust company or the trust department of a bank, holds a fiduciary relation or acts in a fiduciary capacity to another, such as one whose funds are entrusted to it for investment. In a fiduciary relation one… … Wikipedia
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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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