Petition of the day
The petition of the day is:
Issue: (1) Whether the Second Circuit erred by holding that respondents had Article III, § 2 standing to prosecute this action in federal court under § 16(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78p(b), in the absence of any allegation that petitioner’s statutory violation injured any respondent; and (2) whether the Second Circuit erred by holding that § 16(b) creates a “fiduciary duty,” (found nowhere in the statute) which is owed by every 10% stockholder of a public company and whose breach is always an “injury-in-fact” to the company.
Recommended Citation: Mary Pat Dwyer, Petition of the day, SCOTUSblog (May. 15, 2013, 10:59 PM), http://www.scotusblog.com/2013/05/petition-of-the-day-453/