Because the funds' trustees have a fiduciary obligation to participants, they had no alternative but to enter the judgment.

"Clearly we have a fiduciary obligation to our benficiaries in this."

These may give rise to an implied contract at law or to a fiduciary obligation in equity.

Pension funds, with fiduciary obligations to maximize the return on their investments, would have no choice but to ask for the money in cash.

But the real opportunity - and fiduciary obligation - for financial institutions is to better combat identity theft before it happens.

If he's on the board, he's got a fiduciary obligation to serve their interest.

In most states this creates, under common law, an agency relationship with fiduciary obligations.

Duties of confidence, unlike fiduciary obligations, can arise outside a direct relationship.

"The board has a fiduciary obligation to the unit owners to make sure common charges are paid," he said.

As directors, both men have a fiduciary obligation to shareholders.