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Accounting and Financial Malpractice

What Constitutes Professional Malpractice?

In the true legal sense of the word, malpractice is defined as improper, illegal, or negligent behavior on the part of a professional. TThe specifics of malpractice vary greatly depending on the situation and the professional involved.

When you hear the word malpractice, you most likely associate it with the medical profession. Doctors, nurses, and other medical personnel who do not meet the standard of care for their respective professions may be held liable for any injury caused by their negligent behavior. While most malpractice cases do involve members of the medical or legal profession, financial malpractice is quickly becoming a serious concern.

Financial Malpractice

Every service profession has a standard of care they must meet, and financial professionals are no different. When it comes to accountants, stock brokers, and financial advisors, this standard of care is tied to their fiduciary responsibility to their client. This means that they are to manage the property or power entrusted to them in a manner that will most benefit their client.

Malpractice may occur when a financial professional fails to make suitable financial recommendations, execute transactions or trades as ordered, or commits theft or fraud. Charging excessive fees may also be considered malpractice in some instances.

Devastating Consequences

When a medical mistake results in death or serious injury, it is easy to see the damage caused by professional negligence. When a financial professional causes an individual or group of individuals to suffer great financial loss, it may not be quite as evident. Nevertheless, the mishandling of financial matters can cause devastating results for those affected. Often, financial malpractice suits are filed by people who have lost their pensions or life savings due to the negligent or even illegal behavior of the financial professionals they trusted.

Reach Out to Us

If you believe that you or someone close to you has been the victim of financial malpractice, it is time to discuss your case with a knowledgeable malpractice attorney. Our dedicated legal team at Shea Law Group has extensive experience handling financial malpractice cases, and we will explore every option available to ensure you receive a fair settlement.

When a financial professional fails you, you have a right to fight for what belongs to you and your family-we can help. Give us a call at 1-877-365-0040 and speak with a highly-experienced Chicago malpractice lawyer from Shea Law Group today.