The evolution of the law concerning a trustee’s powers and a third party’s liability for participating in a breach of … trust generally supports efficiency in the law. The standard of liability for third parties participating in a breach of … standard of liability for participating in a breach of trust allocates the risk of harm associated with a breach of trust …

defendant’s escaping liability, then an election of damages or disgorgement may be necessary to deter breach, but punitive … damages are not. Conversely, if there is no concern about ill-gotten gains but the defendant may escape liability, punitive … wrongdoing. However, if there is a concern about both ill-gotten gains and a defendant’s escaping liability, then an election of …