Calamos Investments Announces Dismissal of ARPS Lawsuit for Convertible Opportunities and Income Fund (NYSE: CHI)
NAPERVILLE, Ill., March 16, 2011 /PRNewswire/ -- Calamos Investments (http://investors.calamos.com/phoenix.zhtml?c=182276&p=irol-irhome) announces that the U.S. District Court for the Northern District of Illinois has dismissed one of the previously disclosed putative class action lawsuits, purportedly brought on behalf of a class of common shareholders of Calamos Convertible Opportunities and Income Fund (NYSE: CHI) related to the redemption of auction rate preferred securities following the collapse of auction markets in February 2008. The plaintiff had named CHI, Calamos Asset Management, Inc., Calamos Advisors, LLC, and current and former trustees of CHI as defendants. The Court concluded that the action was barred by the Securities Litigation Uniform Standards Act of 1998. Accordingly, the Court denied the plaintiff's motion to remand the case back to Cook County Circuit Court, granted the defendants' motion to dismiss, and entered judgment in defendants' favor. John Calamos, Sr., Chairman and Chief Executive Officer of the Calamos affiliated companies, stated that "we have expressed our view that this lawsuit is without merit and we are pleased with the Court's decision."
Calamos Asset Management (Nasdaq: CLMS) is a globally diversified investment firm offering equity, fixed-income, convertible and alternative investment strategies, among others. The firm serves institutions and individuals around the world via separately managed accounts and a family of open-end and closed-end funds, providing a risk-managed approach to capital appreciation and income-producing strategies. For more information, visit www.calamos.com.
SOURCE Calamos Asset Management, Inc.