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Mr Justice Bright today handed down judgment in Upham v HSBC UK Bank Plc, a claim brought by over 400 claimants in relation to investments made between 2006 and 2008 in a film-finance scheme known as ‘Eclipse’.

The claims which were brought against HSBC (an advisor to Future Films, the promoter of the scheme) alleged fraudulent misrepresentation, unlawful means conspiracy and dishonest assistance in a breach of trust, among other causes of action. The claims were dismissed in their entirety. Bright J found that there was no fraud or dishonesty, no breach of trust and no conspiracy. In addition, the claims were all limitation barred and the claimants had failed to prove their losses. The claimants were ordered to pay indemnity costs.

Andrew Green KC, Simon Pritchard and Dominic Howells, instructed by Norton Rose Fulbright, acted for the defendant HSBC.

The judgment may be found here.

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