You must be talking about backend usage as the mass email isn't available yet on the frontend.
This is not a matter of working incorrectly. Simply, the mass email and the csv export on the backend presently has no determination on the owner of the event. If you have permission for that feature, you have full access to it. We'll be modifying this shortly so it also connects with the "edit own event only" parameter.
If the user can't edit their own event, then they are not named as the moderator.
Make sure you have the latest version in place. If you do and still believe you have a problem, submit a ticket. You'd be the only person we know of having any such issue with this... so my guess is you have an old version or something is just not setup quite right.