Coutts And NatWest Escape Suit Over Failed Tax Relief Plan

Law360, London (December 4, 2019, 4:42 PM GMT) -- British banks Coutts and NatWest have bowed out of a lawsuit brought by four former soccer players over a failed film tax relief scheme after a London judge ruled that there was no evidence the investors had relied on advice from the banks.

Judge Christopher Nugee ruled at the High Court on Tuesday that there was no evidence that Coutts & Co. had agreed to provide the former players with private wealth management advice, and nothing to suggest that National Westminster Bank PLC did anything more than let them borrow money.

The sportsmen — who played in England’s top-tier division —...

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