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The Different Types of Business Torts: Recovery of Damages for Civil Wrongs
When a business suffers harm due to the wrongful actions of another entity, they may be able to pursue a business tort claim. Business torts, also known as economic torts, include some of the most egregious acts committed against a business, like fraud, deceptive trade practices, and misappropriation of trade secrets.
Business tort litigation can be incredibly long and complex. Our commercial litigation lawyers have the depth of resources and skills to pursue business tort claims until a successful resolution is achieved. The Ferraro Law Firm’s nationwide business tort practice has experience helping clients across a variety of industries in disputes ranging from intellectual property theft to investment fraud.
If you suffered financial loss due to the wrongful actions of another entity, you may be able to pursue compensation for your losses. Contact our business tort attorneys for a free legal consultation.
What Are Business Torts?
Any type of wrongful act committed against a business that results in financial loss of some sort can be considered a business tort. Sometimes referred to as “economic torts,” business torts are typically civil cases.
Business torts can result in devastating economic consequences. Our commercial attorneys can help businesses pursue economic damages for loss of business opportunities, loss of future profits, and more.
Below are some examples of business torts.
Investor fraud, also known as securities fraud, is any act that involves intentional omission, misrepresentation, or falsified information in order to convince investors to purchase or sell stock.
Examples of investor fraud include insider trading and Ponzi schemes.
When another party deliberately makes false statements in order to pursue financial gain, it can be considered business fraud. This may include underreporting or overreporting profits, payroll fraud, failure to deliver services or goods, overbilling, and more.
Fraudulent misrepresentation involves false statements made in order to convince another party to enter some sort of business contract. When fraudulent misrepresentation occurs, the defendant knew that the information they provided was incorrect, the plaintiff relied on this information to make a decision, and the plaintiff suffered financial harm for trusting the false statements.
Insurance companies can be held accountable for bad faith insurance claims if it can be shown that they egregiously violated the terms of a policy in order to protect their profits. This typically happens when they unfairly deny or grossly undervalue claims
Deceptive Trade Practices
Any statement or action that intentionally misleads a party into purchasing a product may fall under deceptive trade practices. Deception often involves false advertising regarding the quality or price of a product, false endorsements, and more.
Lawsuits alleging tortious interference accuse defendants of wrongfully interfering with the plaintiff’s business relationships or contracts.
An example of tortious interference involving a contract is if another business entity intentionally and improperly interfered with one of your existing business contracts, resulting in a third party breaching their contract with you. Tortious interference that does not involve a contract typically involves another business entity purposely sabotaging an informal existing business relationship of yours resulting in a proposed business deal falling through.
Misappropriation Of Trade Secrets Or Business Opportunities
Your intellectual property is the most valuable asset your business has: It is how you differentiate your company from the competition.
If your sensitive trade secrets are obtained through improper means and shared without your consent, you may be able to pursue damages for misappropriation of trade secrets.
Breaching Fiduciary Relationships
Fiduciaries are individuals who are in positions of trust, requiring them to represent and make decisions based on the best interests of another individual or group. Examples of fiduciary relationships include lawyers and clients, shareholders and companies, or trustees and benefactors.
There are three types of fiduciary duties: duty of care, duty of loyalty, and duty of obedience. Any violation of these duties can be considered a breach of fiduciary duty.
When two or more parties enter an agreement to intentionally violate the law in order to profit financially at the expense of others, it can be considered a conspiracy. A price-fixing scheme is an example of a conspiracy.
How The Ferraro Law Firm Can Help Your Business
If you believe your business was the victim of wrongful actions that resulted in significant financial harm, our business tort attorneys can help you pursue justice and damages for the losses you may have suffered.
The Ferraro Law Firm has recovered billions of dollars to date for our clients. We have both the experience and vast resources to tackle complex business tort litigation on your behalf. Contact our business tort lawyers today for a free legal consultation. You will never pay anything unless you win your case.