Trust plays a large part in the financial industry in Michigan. You have to be able to trust those that you do business with and that they will partner with the right people. A lot of money is on the line, so when someone does not do their job or fails to carry out their duties, it can be very costly. One such situation where you may have an issue is a breach of fiduciary duty, which at its very core is about doing the best to look out for the financial interests of someone else.
If you are a victim of a breach of fiduciary duty, you do have some options when it comes to damages, according to the American Bar Association. Obviously, you have the right for financial compensation for any losses you incurred due to the breach. This may also include loss of money related to the situation. For example, if you have to pay money to handle the situation, then you may be able to recoup this.
You also can go after exemplary damages. These are meant to punish the person for their actions. They are monetary, as well, though. However, the jury must unanimously agree to award this type of damage. You also have the option of mental anguish damages. This would be similar to pain and suffering and reflect the impact this situation had on you emotionally and mentally.
There may be caps on the number of damages you may receive. You may also have to go to court in a different state to seek damages. The law here is a little complex, so you need to make sure you understand your rights and how to proceed with your case before going to court. This information is for education and is not legal advice.