- A fiduciary is someone who assumes a position of trust in relation to another.
- Examples include stockbrokers and financial advisers as well as lawyers.
- Fiduciaries owe special duties not to misuse property or information that has been entrusted to them, must place the interests of the other above their own interests, and must act in good faith on the other’s behalf.
- Rather like the "Rules," but enforced by courts, not by disciplinary committees
- The case law is similar, but not identical
- So ethics and fiduciary duties not the same thing.
- Must analyze seperately, even though the end result of both analyses is often identical.
Fiduciary duty: a legal concept