What is the legal duty of a fiduciary?
The answer from Justice Cardozo is still quoted today: “A trustee is held to something stricter than the morals of the market place. Not honesty alone, but the punctillo of honor most sensitive, is then the standard of behavior.”
Meinhardt v. Salmon, 249 N.Y. 458, 464, 164 N.E. 545, 546 (1928).