Timothy J. Casey Attorney at Law
Representing Clients In Phoenix And Communities Throughout Arizona
602-842-6210

What happens when you lose your retirement fund?

When you invest money in a retirement plan, many times you do so through a private investing firm. Sometimes these are owned by big banks. Sometimes they're independent and owned by private individuals. In some cases, your employer may be the one choosing the investment company and even the individual investments for these funds. If your employer is investing your retirement funds or pension on your behalf, they owe you what is called a fiduciary duty to make wise investments and act in your best interest. Fiduciary essentially means someone trusted to work in your best interests.

As the party entrusted with your retirement or pension, your employer and their investment company both have a fiduciary duty to take all necessary steps to protect your investment. Investments that are safer with lower returns are typically prioritized over high-risk and high-yield stocks. Unfortunately, out of greed or negligence, companies can sometimes violate their fiduciary duty to their investors. If this has happened to you, you should speak with an experienced products and service liability attorney as soon as possible.

Failure of fiduciary duty can happen in a number of ways

Maybe the person making the investment decisions could profit off of his or her stock if your fund or pension invested in a certain way. Maybe someone chose companies or stocks because a family member owns it. When the person making these critical financial decisions acts out of any reason other than your financial best interests, it is a violation of the fiduciary duty they owe to you and all of their clients. Investors and those who manage funds are not the only ones who owe a fiduciary duty to clients. Advisors and bankers who recommend financial options also owe you the same duty.

When these people fail to uphold and respect their duty to you, you lose more than just trust. Often, you can lose much or even all of your savings or retirement funds. In these cases, the help of an attorney is important. Your attorney can investigate if decisions were motivated by some kind of personal connection or potential for profit. If so, then you can file a civil lawsuit to hold these professionals and their employers responsible for the damages that they caused, such as your financial losses.

Trying to research and investigate these issues on your own is very difficult, if not impossible. An attorney can demand access to critical evidence after filing a civil lawsuit. You, as an individual, may not be able to get the investment company, your employer or your bank to cooperate.

Source: Nov. 30, -0001

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