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The Eclipse Litigation: Upham & Ors -v- HSBC UK Bank PLC  (Claim No: CL-2020-000347) – Ongoing

The above captioned proceedings concern c.400 individuals who invested in, and became members of, 31 limited liability partnerships named “Eclipse Film Partners No [x] LLP” where [x] stands for a number between 1 and 40 (together the Eclipse Partnerships). In the proceedings, the Claimants for whom this Firm act allege that the Defendant (HSBC) was instrumental in the development, marketing and implementation of the Eclipse Partnerships which were sold to Claimants as an opportunity to invest in transactions with Disney in relation to certain film rights (the Eclipse Scheme). The proceedings seek to recover substantial losses suffered by the Claimants as a result of the investments in the Eclipse Partnerships.

In a nutshell, the Claimants’ case is that HSBC was centrally involved at all relevant stages in the Eclipse Scheme alongside another company called Future Capital Partners Limited (then called Future Films Limited (Future)). Future is now in liquidation.

The Claimants sue HSBC in deceit, conspiracy, joint tortfeasance, dishonest assistance and for breach of obligations under the Financial Services and Markets Act 2000.

Contact our Class Action Litigation Team
telephone: 020 7691 4000
or email: enquiries@edwincoe.com

Eclipse Partnerships Team

David Greene

David Greene
Senior Partner
Head of Class Action and Finance Litigation

Litigation & Dispute Resolution
Thomas Johnson

Thomas Johnson
Barrister – Partner

Class Action Litigation
Fred Sheppard

Fred Sheppard
Senior Associate

Litigation & Dispute Resolution
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Class Action Litigation

Eclipse Partnerships

Edwin Coe has been instructed by a group of investors in a number of the Eclipse Partnerships to bring proceedings to recover losses incurred due to their participation in these partnerships. These investors are also represented by tax specialists Newport Tax Management LLP. The Eclipse Film Partnerships were a series of film financing schemes conceived by HSBC and promoted by Future Capital Partners (formally known as Future Films Ltd) between 2003 and 2007. They were marketed as a tax efficient vehicle for investment in future returns on film rights on studio made films, creating a tax deferral benefit. Investors paid significant sums into the schemes, and entered into loan agreements with the designated lending banks to buy the film distribution rights to Disney films. The lending banks were Bank of Ireland and Barclays. Investors were promised significant tax relief, on the basis that that the transactions they were entering into were bona fide investments in the film industry, and that the scheme structure and its component parts had been subject to due diligence by those drafting the scheme documentation and participating in the sale and leaseback of the film rights.

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Tel: +44 (0)20 7691 4000
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Email: enquiries@edwincoe.com

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