Cohen & Steers Closed-End Funds Reject Demand Letters
NEW YORK, Nov. 1, 2010 /PRNewswire/ -- Cohen & Steers, Inc. (NYSE: CNS) announced today that the special committee ("Special Committee") of independent Directors appointed by the Board of Directors of each of Cohen & Steers Infrastructure Fund, Inc. (NYSE: UTF), Cohen & Steers Quality Income Realty Fund, Inc. (NYSE: RQI) and Cohen & Steers REIT and Preferred Income Fund, Inc. (NYSE: RNP) has rejected the demands contained in demand letters received by each fund related to the redemption of its auction preferred shares.
As previously announced, the funds received demand letters from a law firm on behalf of purported holders of the funds' common shares, alleging that the funds' investment advisor, officers and Board of Directors breached their fiduciary duties in connection with the redemption of the funds' auction preferred shares in 2008 and 2009. The letters demanded that the Boards take certain actions to remedy those alleged breaches. The same law firm subsequently filed, with respect to RQI and UTF, derivative lawsuits in the Supreme Court of the State of New York, New York County, alleging similar claims as set forth in the demand letters.
The funds' Boards established the Special Committee to investigate and respond to the claims made in the demand letters. After an extensive investigation conducted with the assistance of independent counsel, the Special Committee has determined that the funds should not pursue claims based on the allegations in the demand letters and rejected the demands made in the letters.
//Web site: http://cohenandsteers.com/Symbol: NYSE: CNS About Cohen & Steers Cohen & Steers is a manager of portfolios specializing in U.S. and international real estate securities, large cap value stocks, listed infrastructure and utilities, and preferred securities. The company also manages alternative investment strategies such as hedged real estate securities portfolios and private real estate multimanager strategies for qualified investors. Headquartered in New York City, with offices in London, Brussels, Hong Kong and Seattle, Cohen & Steers serves individual and institutional investors through a broad range of investment vehicles. SOURCE Cohen & Steers, Inc.
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