Christopher Bernard Upham & Ors v HSBC UK Bank plc

Christopher Bernard Upham & Ors v HSBC UK Bank plc

The claimants failed to establish that the representations regarding the tax advice and structure of the Eclipse scheme were false or made dishonestly. Both Future Films and Mr Bowman (HSBC) had reasonable grounds for their opinions, having relied on legal advice from DLA Piper. There was no evidence of actual or...

Source-derived case information.

Parties
Claimants: Christopher Bernard Upham and others; Defendant: HSBC UK Bank plc
Jurisdiction
England and Wales
Judgment Date
26 November 2024
Procedural Posture
Civil Commercial Court Claim (england and Wales) / Final Judgment After Full Trial
Outcome
Claims dismissed
Legal Topics
Deceit (fraudulent Misrepresentation), Joint Tortfeasance, Unlawful Means Conspiracy, Dishonest Assistance, Partnership Law, FSMA (financial Services and Markets Act), Limitation of Actions
Commercial Law Banking Law Tort Law Financial Regulation Deceit (fraudulent Misrepresentation) Joint Tortfeasance Unlawful Means Conspiracy Dishonest Assistance +3 more

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Summary, issues, holding and outcome

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Parties

Christopher Bernard Upham and others

Claimants

HSBC UK Bank plc

Defendant

Procedural Posture

Civil Commercial Court Claim (england and Wales) / Final Judgment After Full Trial

Legal Issues

  1. 1 Whether HSBC and/or Future Films made fraudulent misrepresentations regarding the tax advice and structure of the Eclipse film investment scheme
  2. 2 Whether HSBC is liable as a joint tortfeasor, conspirator, or for dishonest assistance
  3. 3 Whether the scheme as implemented diverged materially from the basis of tax counsel's advice

Ratio Decidendi

The claimants failed to establish that the representations regarding the tax advice and structure of the Eclipse scheme were false or made dishonestly. Both Future Films and Mr Bowman (HSBC) had reasonable grounds for their opinions, having relied on legal advice from DLA Piper. There was no evidence of actual or blind-eye knowledge of falsity or recklessness. The claims in deceit, joint tortfeasance, conspiracy, dishonest assistance, and under FSMA all failed. Additionally, the claims were time-barred under the Limitation Act 1980, as the claimants could with reasonable diligence have discovered the alleged fraud or breach well before the limitation cut-off. Even if liability had been...

Court Disposition

Claims dismissed

Orders

  • All claims by the claimants are dismissed.
  • No liability found against HSBC UK Bank plc.