What are the possible consequences of a breach of fiduciary duty?
In Washington, a breach of fiduciary duty is a serious violation of the law. A fiduciary is a person or organization that acts on behalf of another in a position of trust. This means that the fiduciary is required to act in the best interests of the person that they are representing. The consequence of a breach of fiduciary duty may depend on the exact nature of the breach. If the breach results in financial loss to the person that the fiduciary was supposed to be representing, then the courts may order restitution to the affected parties. In some cases, the courts may also order punitive damages in addition to the restitution. Another possible consequence of a breach of fiduciary duty is criminal prosecution. In Washington, a breach of fiduciary duty may be considered a form of fraud or corruption. In this case, the person or organization responsible could face up to 5 years in prison or up to a $10,000 fine. Finally, an egregious breach of fiduciary duty could result in civil liability. This means that the person or organization responsible can be held responsible for the damages caused. In this case, the courts may award money damages to the affected parties to compensate for their losses. In general, a breach of fiduciary duty is a serious violation of the law and the consequences of such a breach can be severe. It is important for fiduciaries to act in the best interests of the person they are representing and to avoid any breaches of their duties.
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