STANDING - The legal right to initiate a lawsuit. To do so, a person must be sufficiently affected by the matter at hand, and there must be a case or controversy that can be resolved by legal action.
There are three requirements for Article III standing: (1) injury in fact, which means an invasion of a legally protected interest that is (a) concrete and particularized, and (b) actual or imminent, not conjectural or hypothetical; (2) a causal relationship between the injury and the challenged conduct, which means that the injury fairly can be traced to the challenged action of the defendant, and has not resulted from the independent action of some third party not before the court; and (3) a likelihood that the injury will be redressed by a favorable decision, which means that the prospect of obtaining relief from the injury as a result of a favorable ruling is not too speculative. Lujan v. Defenders of Wildlife, 112 S. Ct. 2130, 2136 (1992) (Lujan). The party invoking federal jurisdiction bears the burden of establishing each of these elements. Id.
Standing is founded "in concern about the proper--and properly limited--role of the courts in a democratic society. " Warth, 422 U.S. at 498. When an individual seeks to avail himself of the federal courts to determine the validity of a legislative action, he must show that he "is immediately in danger of sustaining a direct injury." Ex parte Levitt, 302 U.S. 633, 634 (1937). This requirement is necessary to ensure that "federal courts reserve their judicial power for `concrete legal issues, presented in actual cases, not abstractions.' " Associated General Contractors of California v. Coalition for Economic Equity, 950 F.2d 1401, 1406 (9th Cir. 1991) (quoting United Public Workers, 330 U.S. at 89), cert. denied, 112 S. Ct. 1670 (1992). National Environmental Policy Act (NEPA), 42 U.S.C. S 4331, et seq.
Someone who seeks injunctive or declaratory relief "must show `a very significant possibility' of future harm in order to have standing to bring suit." Nelsen v. King County, 895 F.2d 1248, 1250 (9th Cir. 1990), cert. denied, 112 S. Ct. 875 (1992).
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Standing
From Wikipedia, the free encyclopedia
In the common law, and under many statutes, standing or locus standi is the ability of a party to demonstrate to the court sufficient connection to and harm from the law or action challenged. In the United States, for example, a person cannot bring a suit challenging the constitutionality of a law unless the plaintiff can demonstrate that the plaintiff is (or will be) harmed by the law. Otherwise, the court will rule that the plaintiff "lacks standing" to bring the suit, and will dismiss the case without considering the merits of the claim of unconstitutionality. In order to sue to have a court declare a law unconstitutional, there must be a valid reason for whoever is suing to be there. To put it simply, the party suing has to have something to lose if the law is left on the books. The party suing must have something to lose in order to sue unless they have automatic standing by action of law.
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standing n. the right to file a lawsuit or file a petition under the circumstances. Example: a trade association will have standing to file a petition for a writ of mandate to order a state government agency to enforce a regulation if the association represents businesses affected by the regulation, the individual businesses belonging to the association have an interest in the outcome, and it would be impractical for each business to file its own petition or for a court to deal with all of them. A plaintiff will have standing to sue in Federal court if a) there is an actual controversy, b) a Federal statute gives the Federal court jurisdiction, and, c) the parties are residents of different states or otherwise fit the Constitutional requirements for Federal court jurisdiction.
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LOCH/CDEx shareholders have STANDING. Non-shareholders do not.
In addition, the damages claimed generally need to exceed the cost and hassle of bringing a lawsuit, hence even shareholders who only have a small number of shares typically will not sue.
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