Fort Lauderdale Lawyer Handling Breach of Fiduciary Duty Claims

Understanding Fiduciary Duty

The election to a Board of Directors not only gives the Board Member added power within the Condominium, but also confers on the Board Member an obligation to use that power in the best interest of the Association. Most significantly, each Board Member is required to act with the utmost in fair dealing.

When acting on behalf of the Board, the member must be loyal to the Board and Association, even if that means sacrificing self-interests.

"I will provide you with the personal attention and skillful legal representation you will need to understand the fiduciary duty of your Board and when it has breached this duty. As your lawyer, I will guide you through the process of holding the offending Board Member liable for any breach of fiduciary duty that causes the Association or its Owners damages." — Attorney Debra Lynn Fein, JD, MBA; Fein Law, LLC

Breaching Fiduciary Duty

A breach of fiduciary duty is an abuse of power. Abuses of power include: self-dealing, exercising personal vendettas and selective enforcement.

Self–Dealing

A Board Member who obtains a personal advantage by virtue of being on the Board that should have been lawfully available to all members of the Association is self-dealing. An example of self-dealing is stealing association funds.

Exercising Personal Vendettas

A Board Member who treats an Owner unfairly because the Board Member has a personal issue with the Owner is exercising a personal vendetta. If a Board Member complains that the upstairs neighbor makes too much noise and then denies the upstairs neighbor the right to rent his or her apartment, that Board Member is exercising a personal vendetta.

Selective Enforcement

Selective Enforcement occurs when a Board Member plays favorites in enforcing the building's Rules and Regulations. An example of selective enforcement occurs when a Board Member permits a favored Owner to disregard the parking rules while having other Owners towed.

Protecting Your Rights

Depending upon the breach of fiduciary duty alleged, the consequences might range from severe to merely requesting that the Board take corrective action. In some instances, the offending Board Member may be forced to resign from the Board of Directors. Further, an Owner may be able to force the offending Board Member to be held personally liable for damages that result from the breach of fiduciary duty.

The first step toward protecting your rights as an Owner is to seek competent and knowledgeable counsel.

Contact Fort Lauderdale attorney Debra Lynn Fein at 954-533-0825 or send the firm an email.