Cohen & Steers Shareholders Drop $625M ARS Suits

Law360, New York (April 18, 2011, 1:51 PM EDT) -- Shareholders of Cohen & Steers Infrastructure Fund Inc. dropped two derivative suits Thursday and Friday that alleged the investment firm shortchanged shareholders by selling $652 million in auction rate securities when the market for them was at its worst.

The parties agreed to drop the suits after reviews of nonpublic information related to the decision to redeem the ARS showed that "continued litigation of these claims is not in the best interest of the funds," according to papers filed in the Supreme Court of the State...
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