Cohen & Steers Smacked With Suit Over $625M ARS

Law360, New York (August 30, 2010, 7:50 PM EDT) -- A shareholder has brought a derivative suit against Cohen & Steers Infrastructure Fund, alleging that it shortchanged its stockholders by selling $652 million in auction rate securities when the market for them was at its worst.

In a complaint filed Aug. 26 in the Supreme Court of the State of New York, New York County, Lloyd Gammon accuses Cohen & Steers' directors of breach of fiduciary duty and waste of assets, saying the fund sold its entire stock of ARS at cut-rate prices in order to...
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