The Emerging Legal Relationship between an Investment Banker and Its Client: An Argument for a Fiduciary Relationship

12 Hamline Law Review 43

15 Pages Posted: 1 Jun 2013

See all articles by J. McDavitt

J. McDavitt

Briggs and Morgan

Patrick M. Garry

University of South Dakota - School of Law

Date Written: 1988

Abstract

Fiduciary duty claims are becoming a hot topic. Increasingly plaintiffs in a variety of commercial situations are suing under some fiduciary duty theory. Fornerly, fiduciary duties were only imposed on persons occupying some special position such as trustee or guardian. Lately, however, the courts, in a limited number of circumstances have begun taking a second at creating or expanding certain fiduciary duties. There are many legitimate arguments for limiting the extension of the fiduciary duty doctorine. Nonetheless, because of the changing conditions and demands in certain select areas of our commercial world, the imposition of fiduciary duties may be appropriate. The investment-banking field is one such area.

Keywords: Fiduciary duty, Banker client relationship, Banker, NASD, NASD Rules of Safe Practice

JEL Classification: G21, K2, K20

Suggested Citation

McDavitt, J. and Garry, Patrick M., The Emerging Legal Relationship between an Investment Banker and Its Client: An Argument for a Fiduciary Relationship (1988). 12 Hamline Law Review 43, Available at SSRN: https://ssrn.com/abstract=2271797

J. McDavitt

Briggs and Morgan

2200 IDS Center
80 South Eighth Street
Minneapolis, MN 55402
United States

Patrick M. Garry (Contact Author)

University of South Dakota - School of Law ( email )

414 E. Clark Street
Vermillion, SD 57069
United States

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