Bulldog Investors General Partnership v. Donoghue

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.