The Financial Times reports on a group action led by our Senior Partner, David Greene, on behalf of 371 investors which relates to a film financing scheme that was deemed to be a tax avoidance vehicle by HM Revenue & Customs.

The investors have filed a claim at London’s High Court against HSBC UK for alleged losses caused by the role of its private bank in the development and marketing of a series of film financing schemes known as the Eclipse Partnerships.

The claimants, represented by law firm Edwin Coe, are alleging they were told that Eclipse would trade the rights to blockbuster Disney films including Enchanted. However they claim none of the rights to any of these films were ever actively traded and say that instead of investment returns they have ended up with losses and potential tax liabilities for investing in the partnerships.

Read the full article here (subscription may be required)

Further information on our Eclipse Partnerships group action may be read here.

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