On October 1st, the Second Circuit addressed Constitutional standing under Section 16(b) of the Securities Exchange Act of 1934. Plaintiff, an Invesco shareholder, sued defendants derivatively for the short-swing profits defendants realized in violation of Section 16(b). The Second Circuit holds that as a beneficial owner of more than 10 percent of Invesco's stock, defendants owed Invesco (and therefore plaintiff) a fiduciary duty which conferred upon Invesco an enforceable legal right to expect defendants to refrain from engaging in short-swing trading. The deprivation of that right conferred standing upon plaintiff even if Invesco suffered no other injury as a result of defendants' trading. Donoghue v. Bulldog Investors General Partnership.