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The Fiduciary Duty of Care: A Nod to the Past and a Look to the Future
fi360 Link to more items from this source
May 28, 2014
"Historically the fiduciary duty of care, and its subsidiary duty of suitability, can be traced to a relatively obscure but momentous 19th century common law case, Harvard College v. Amory (1830). The dispute centered on management of a $50,000 trust, comprised mostly of financial and manufacturing stocks, and the subsequent loss of 40 percent.... At the time, it may have seemed like just another property dispute, but today nearly all courts will judge an investment decision not on the severity of any loss, but on the process followed by the fiduciary."

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