Edwin Coe, the UK’s leading collective action litigation firm, is leading a group action on behalf of hundreds of investors seeking damages, in a £150 million legal action against various parties involved in designing and selling the Eclipse schemes for investment in major films including Barclays, Bank of Ireland, HSBC and Disney. The investors allege that the designers of the scheme and those selling it misrepresented the chances of the Eclipse film investment scheme delivering tax breaks, with the result that many now face ‘life-changing’ tax bills and possible bankruptcy. The scheme was marketed as a tax efficient vehicle for investment in future returns on film rights on studio-made films, creating a tax deferral benefit.
David Greene, Edwin Coe’s Senior Partner and Head of Litigation, said: “These investors were misled on a wholesale basis. They thought, and were advised, that they were investing into film-backed investments that had potential tax advantages. Now the whole façade presented appears to have been fictional.”
The investors are also represented by tax specialists Newport Tax Management LLP.
Further information on the action may be found here.
About Edwin Coe
Edwin Coe LLP is a commercial law firm based in the heart of London’s historic legal district in Lincoln’s Inn. Founded in 1913, we have grown from our litigation origins to become a thriving and dynamic practice, providing a comprehensive range of legal services to meet the needs of a wide variety of businesses, individuals and organisations based throughout the UK and overseas.
The firm consists of 37 partners and is a ranked 104 in the latest edition of The Lawyer ‘UK 200’ law firms. We provide legal services to an international and UK client base which includes public and private companies, multinationals, charities and not-for-profit organisations, as well as private clients. We are a traditional, high-quality law firm providing a personalised and integrated service across a wide range of commercial practice areas.