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Personal Injury And Financial Malpractice
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An accounting error can lead to devastating deficiency rulings by the IRS. Financial malpractice litigation is a means to recoup losses due to accounting negligence and malfeasance. When financial malpractice occurs, it is necessary to hire a personal injury attorney in order to try to recoup your losses along with damages.
Accountants, bankers and financial advisers are legally responsible for a defined standard of care. Each is expected to be honest and competent in how they handle other peoples’ money and financial obligations. When financial professionals breach industry ethics – standards that compel investors to place their money in the hands of others – the investor is due just compensation for unnecessary financial losses.
Because so many businesses and individuals entrust their tax and other financial affairs to accountants, a large percentage of financial malpractice centers on these relationships. When it can be proven that the financial professional failed at his or her fiduciary responsibilities, and that financial harm resulted, a personal injury attorney who specializes in professional malpractice should be consulted and litigation for financial malpractice should be pursued.
What is financial malpractice?
Accounting financial malpractice often centers on tax deficiencies that were the fault of the accountant. Other financial malpractice is related to investment risk. While all investment carries inherent risk, sometimes that risk is unnecessarily high and falsely represented. When either is due to misrepresentations or clear mismanagement by accountants, financial counselors, company executives, brokers and others, the investor or stakeholder is due fair compensation.
Specific to accountant malpractice, the California State Supreme Court has ruled that the statute of limitations begins only when the Internal Revenue Service assesses a deficiency – providing plaintiffs more time to file a suit against the offending accountant.
Examples of financial malpractice are:
• False claims on securities and financial performance (securities fraud)
• Wrongdoing or negligence in commercial lending (business, real estate financing)
• Negligent or intentional errors in accounting reports
Parties who might be guilty of financial malpractice include:
• Commercial lenders
• Insurance brokers
• Insurance companies
• Investment brokers
• Mortgage companies
• Personal lenders
• Real estate brokers
• Title insurance companies
In claims involving financial malpractice, you must hire the right personal injury attorney who is able to assess and address all of the important considerations that arise when representing clients who have suffered financial malpractice. To determine the right damages and the maximum compensation you are entitled to, you need a malpractice attorney who is experienced in understanding the nature and extent of the malpractice and resulting damages. Experienced malpractice attorneys are able to review your financial documentation, hire the right financial experts who will successfully testify about your financial malpractice case, how it was caused and the detrimental effects on your life.
R. Klettke is a freelance writer. He writes about personal injury and medical malpractice law and other matters of jurisprudence.
Important Advisory: This article is not intended to provide legal advice upon which you or anyone else should rely in making any decisions regarding the instituting or prosecuting of a legal claim. Laws and rules relating to the bringing of a claim vary widely from state to state. You should always contact a personal injury attorney to obtain information as to the rules and the laws pertaining to any claim you might have.
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