fiduciary

(redirected from Breach of fiduciary responsibility)
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Synonyms for fiduciary

relating to or of the nature of a legal trust (i.e. the holding of something in trust for another)

Synonyms

References in periodicals archive ?
Bringing it closer to home, the IREM Ethics Boards see a number of complaints against its members for breach of fiduciary responsibility, including managers who have commingled, diverted and personally used funds belonging to a client.
In addition, a prudent investment manager has a duty not to act in accordance with a delegation of plan investment duties to the extent that he either knows or should know that the delegation involves a breach of fiduciary responsibility. Once the investment manager has considered factors otherwise necessary to assure itself that the delegation of investment authority and related specific instructions are appropriate, he may, in exercising such authority and carrying out such instructions, rely upon information provided to him by or at the direction of the appointing fiduciary.
In July 2007, then ICD President Ian Gittlitz was fired and sued, alleging "fraudulent acts and a breach of fiduciary responsibility." Gittlitz remains a minority shareholder in ICD.
If the beneficiaries of each ILIT are not the same people or their benefits are significantly modified, each trustee of the original trust faces the question of whether the sale of that life insurance policy (and its diminution of the beneficiary's benefits) is a breach of fiduciary responsibility. This assertion of breach may be offset (particularly with term life insurance) by the trustees pointing out that they do not have the assets to continue to pay the premiums that would allow the policy to remain alive.
While such cases rarely go to trial, the Delaware chancery court permitted a shareholder derivative suit alleging a breach of fiduciary responsibility against Disney's board to proceed.
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