£1.3bn fraud claim filed against HSBC UK Bank for 'sham' investment scheme

'Catastrophic for unwitting investors'

Lauren Mason
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HSBC allegedly received more than £25m in fees for its role in Eclipse
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HSBC allegedly received more than £25m in fees for its role in Eclipse

A £1.3bn fraud claim has been filed by 371 investors against HSBC UK Bank for losses caused as a result of their Eclipse Partnerships film investment scheme, which they said they were induced to invest in on "false promises".

The Eclipse scheme was created, developed and marketed by HSBC to finance a series of blockbuster Disney films including Pirates of the Caribbean 2 and 3, National Treasure 2, Enchanted, Underdogs and Confessions of a Shopaholic. However, the claimants - who have filed their complaint with law firm Edwin Coe LLP - say none of these film rights were ever actively traded, leading to significant losses and potential liabilities. HSBC allegedly received more than £25m in fees for its role in Eclipse, which was open to investors between 2006 and 2008. 750 individuals invested a combined £2...

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