The High Court has ruled that HSBC did not deceive hundreds of investors in a £1.3 billion fraud claim. 

The claim alleged that the bank had misled investors into financing a Disney movie tax relief scheme, later judged by HMRC as tax avoidance, according to the law firm Linklaters.

The scheme allowed investors to borrow funds to make capital contributions to one of a series of partnerships, known as the Eclipse Partnerships. This offered investors...