Mintz Levin Secures Complete Defense Win for Client in SEC Subprime Securities Fraud Case
10/31/2011
Former State Street Global Advisors Employee Fully Vindicated After Three Week Trial in Boston
Boston, MA – Attorneys from the Securities Litigation Practice of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., announced today that their client, James D. Hopkins, was cleared of all charges asserted against him by the United States Securities and Exchange Commission (SEC). The case was brought by the SEC in September, 2010.
The SEC charged Mr. Hopkins, an investment professional with an unblemished 35 year career in the industry serving clients with integrity and commitment, in connection with an investor letter State Street Global Advisors sent to clients regarding the underperformance of fixed income funds exposed to subprime instruments and several other client communications.
On October 28, Chief Administrative Law Judge Brenda Murray issued a 58-page decision rejecting each and every one of the SEC’s allegations and affirmatively exonerating Mr. Hopkins from any claim that he misled State Street clients. Finding that Mr. Hopkins testified with “candor and conviction,” Chief Judge Murray concluded that he did not violate any of the federal securities laws.
“We are extremely pleased with, but not surprised by, the outcome,” said John F. Sylvia, Mr. Hopkins’ lead trial counsel and Co-chair of the Firm’s Securities Litigation Practice Group. “Chief Judge Murray diligently reviewed the record evidence and rendered a thoughtful, well-reasoned decision making crystal clear that Jim Hopkins acted at all times with integrity and in the best interests of State Street’s customers. Clearly, this is a case that, in good conscience, should not have been brought.”
The Mintz Levin team, lead by Mr. Sylvia, included attorneys McKenzie Webster, Jessica Sergi and Marbree Sullivan.
The full decision can be viewed on the SEC website by clicking here.
