An auditor for a company embezzps $15 million from his employer by writing checks to his company`s bank account and depositing them in another account with his own bank. The company sued the bank that received the deposits, claiming it had supported and promoted a breach of the trust obligation. The court found that there was insufficient evidence that the bank was aware of its role in the fraud. In addition to the selection of different activities to be undertaken by the trustee and the decisions made in this regard, the parties must recognize that other aspects of a trust management contract are equally important in creating a framework for the provision of trust management services. including: there is a certain mandate for fiduciary duty. Many professionals are legally and ethically required to manage their affairs honestly. This is not the same as doing business in the interest of a particular client. In law, the applicant must prove that there was a fiduciary duty. A fiduciary duty is recognized as such, preferably in writing. A fiduciary duty is a duty to act in the best interests of another person or organization. Overall, a fiduciary duty is a duty of loyalty and diligence. In other words, the agent can only act in the best interests of a client or beneficiary. And the agent must act conscientiously in these interests.
Overall, fiduciary duties fall into two categories: the duty of loyalty and the duty of care. The duty of loyalty means that the agent always acts in the best interests of the client. Conflicting interests may not influence legal action on behalf of the client.