- Investors said bank is liable for promises made by Eclipse
- Lawsuit is latest in decade-old tax scandal linked to movies
HSBC Holdings Plc successfully fought off a London court claim brought by a group of investors in a £1.3 billion ($1.6 billion) lawsuit over tax breaks linked to Walt Disney Co. film financing.
The bank faced allegations that it misled investors over the Eclipse Partnerships, which touted opportunities to back films like Pirates of the Caribbean 2. HSBC’s private bank helped promote the film financing program that was challenged by tax authorities and turned out be worthless, lawyers for the investor group said previously. Some investors have since entered bankruptcy and are facing demands for millions in back taxes from UK authorities.
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