Cases & Deals

Consortium of 700 investors seeks advice in £320 million tax-driven collective investment scheme

Client(s) Investors

Jones Day is advising investors in a tax-driven scheme to invest in carbon emission trading and research and development. The scheme's sponsors are the subject of criminal proceedings brought by HMRC, and Jones Day is advising the investors in relation to civil claims for recovery of sums exceeding £63 million. The investors have filed claims against eleven defendants (in seven different jurisdictions) arising out of the administration and operation of the investment scheme, including for breach of contract, breach of fiduciary duty, dishonest assistance, knowing receipt and unlawful means conspiracy.