WHAT IS A FIDUCIARY DUTY?

A fiduciary duty is a legal and ethical obligation that one party owes to another, requiring them to act in the best interests of the other party. This duty is based on trust, confidence, and reliance, and it typically arises in situations where one party has placed their trust and confidence in another to act on their behalf. The party with the fiduciary duty is known as the fiduciary, and they are expected to act honestly, diligently, and with utmost loyalty towards the other party. They must prioritize the best interests of the other party above their interests or those of any other third party.

Examples of fiduciary relationships can be found in various contexts, such as in business partnerships, attorney-client relationships, trustee-beneficiary relationships, and even in certain professional relationships like doctors and patients. In each of these scenarios, the person with the fiduciary duty is expected to exercise a high degree of care and skill in carrying out their responsibilities. They must also avoid any conflicts of interest that could compromise their ability to act solely in the best interests of the other party.

The fiduciary duty is a fundamental concept in both law and ethics, and it serves to ensure that individuals in positions of power or influence do not abuse their authority for personal gain. Breaching this duty can have serious consequences, including legal liability and damage to one's professional reputation. Therefore, it is crucial for fiduciaries to understand the scope of their duties and to fulfill them diligently. By doing so, they can maintain the trust and confidence placed in them by the other party and uphold the principles of fairness, integrity, and loyalty that underpin the concept of fiduciary duty.

TIMOTHY L. MILES, ESQ. 

Nashville attorney Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles has dedicated his career to representing shareholders, employees, and consumers in complex class-action litigation. Whether serving as lead, co-lead, or liaison counsel, Mr. Miles has helped recover hundreds of millions of dollars for defrauded investors,  shaped precedent-setting decisions, and delivered real corporate governance reforms. Judges and peers have repeatedly recognized Mr. Miles’ relentless advocacy for the underdog, as well as his unbendable ethical standards. Mr. Miles was recently selected by Martindale-Hubbell® and ALM as a 2022 Top Ranked Lawyer, 2022 Top Rated Litigator. and a 2022 Elite Lawyer of the South. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association,​Class Action:  Class Action: Top National Trial Lawyers, National Trial Lawyers Association (2023), a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019); a Top Rated Litigator by Martindale-Hubbell® and ALM  (2019-2022); America’s Most Honored Lawyers 2020 – Top 1% by America’s Most Honored (2020-2022).  Mr. Miles has published over sixty articles on various issues of the law, including class actions, whistleblower cases, products liability, civil procedure, derivative actions, corporate takeover litigation, corporate formation, mass torts, dangerous drugs, and more.  Please visit our website or call for free anytime.

CONTACT                                                      
The Law Offices of Timothy L. Miles
Tapestry at Brentwood Town Center
​300 Centerview Dr., #247
Brentwood, TN 37027
​​Phone: (855) 846-6529
​Email: [email protected]