Sport stars and celebrities are among 500 investors suing Ingenious Media Holdings Plc according to court documents, Bloomberg has reported.

The investors, who also include a number of traders and managers from Goldman Sachs, Lloyds Banking Group, HSBC Holdings, Credit Suisse Group AG and other banks, say they were misled about investments in the film industry that were later branded tax avoidance by the U.K. government.

According to Miles Dean, managing partner of Milestone International Tax, explained to eprivateclient that the investments were “designed to create losses (an investment usually produces a re...