Lawyers Deny Sophisticated Investor Tag In Tax Scheme Suit

Law360, London (March 30, 2021, 5:29 PM BST) -- Lawyers at top firms in the City have denied they were sophisticated investors when they put cash into a tax-driven film scheme in a High Court dispute over negligent financial advice.

Three Magic Circle partners and a management consultant denied in Friday court filings they had any knowledge of tax-driven investments, the risks posed by investment in a film finance scheme or taxation law in general after Canaccord Genuity Financial Planning said they were well-versed with risky investments.

The claimants "depended on Canaccord for its recommendations and accurate advice" regarding these matters, Friday's reply said. The lawsuit is part of a raft...

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