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April 14, 2011 /PRNewswire/ -- Cohen & Steers, Inc. (NYSE: CNS) announced today the voluntary dismissal by plaintiffs of two derivative lawsuits in their entirety with prejudice. The court approved the dismissal without any settlement or concessions by the defendants or funds.
The lawsuits, filed in the Supreme Court of the
State of New York,
New York County, with respect to Cohen & Steers Quality Income Realty Fund, Inc. (NYSE: RQI) and Cohen & Steers Infrastructure Fund, Inc. (NYSE: UTF) named as defendants Cohen & Steers Capital Management, Inc., the funds' investment advisor (the "Advisor"), Cohen & Steers, Inc., the funds' current officers, and the respective funds as nominal defendants. The lawsuits alleged that the 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.
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
Hong Kong and
Seattle, Cohen & Steers serves individual and institutional investors through a broad range of investment vehicles.
Forward Looking Statements. This press release and other statements that Cohen & Steers may make may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which reflect the company's current views with respect to, among other things, its operations and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates" or the negative versions of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties.
Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. The company believes that these factors include, but are not limited to, those described in the "Risk Factors" section of the company's Annual Report on Form 10-K for the year ended
December 31, 2010, which is accessible on the Securities and Exchange Commission's Web site at
www.sec.gov and on the company's Web site at cohenandsteers.com. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release. The company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
SOURCE Cohen & Steers