Litigation
Litigation is any proceeding in which two opposing parties initiated to defend or enforce a legal right. And this involves every activity before, during, and after legal action. Business litigation is a specialization of law that is used to resolve business disputes when negotiation and arbitration proceedings can’t solve them. To succeed, a lawsuit must be filed, that is, writing a brief to explain the facts of the incident, stating the law supporting a right to recovery, and citing case law and precedent for the court to determine recovery appropriately. Some instances that are solved with business litigation include the following:
- Contract Disputes: Breach of contract, interpretation disputes, or disagreements over contract terms.
- Tort Claims: Personal injury, negligence, defamation, or other civil wrongs.
- Business Disputes: Disagreements between business partners, shareholders, or companies.
- Intellectual Property Disputes: Patent, trademark, copyright, or trade secret infringement.
- Employment Disputes: Workplace conflicts, wrongful termination, or discrimination claims.
- Real Estate Disputes: Property damage, boundary disputes, or disagreements over sales or leases.
- Securities Litigation: Disputes related to investments, stocks, or financial instruments.
- Product Liability: Claims related to defective or hazardous products.
- Insurance Disputes: Disagreements over policy coverage or claims.
- Shareholder Disputes: Conflicts between shareholders or between shareholders and the company.
Fiduciary Duty
Investment advisers, boards and others are charged with a fiduciary duty to their clients/shareholders, which means their clients’ interest must be put before their own. Investors often have a great deal of trust in their investment advisers and breach of duties of care, loyalty and good faith can cause huge losses to the investors. If investment advisers breach their fiduciary duty the investors can recover with business litigation.
Insurance Disputes
Law ensures provisions in insurance contract to protect the right of individuals and business entity against insurance companies. There are numerous circumstances in which individuals and business entity can institute business litigation to resolve a dispute.
Settlements
Generally, a prudent settlement is preferable for everyone involved in dispute than expensive and prolonged litigation. More often than not alternative dispute resolution method is advisable because it provides remedy to dispute quickly and effectively. However, when it is impossible, a competent business litigation attorney can be invaluable in protecting your interest and that of your company.
In the US the business and individual scenes are highly litigious. This is because there are many lawyers who promise clients large awards and because the system overall is conducive to litigation. We spend 2% of the GDP, or $3 billion, or $1000 per person per year on litigation.
Litigation also requires experts. We are an expert witness firm for a wide variety of financial issues. Please see our expert witness link https://hpaccounting.com/expert-witness/
Great post